Avista Healthcare Public Acquisition group said last Friday it inked deal to acquire Organogenesis for an undisclosed amount.
As part of the deal, Avista Capital Partners private equity firm will invest $92 million into the newly acquired company, which is slated to be listed on the Nasdaq under the ticker symbol “ORGO” following the closing of the transaction.
Avista said it expects the initial enterprise value of the company to be approximately $673 million.
“We are delighted to be partnering with Organogenesis, as the company is well-positioned to benefit from secular tailwinds driving growth in the advanced wound care, surgical and sports medicine sectors. Organogenesis represents an ideal partner for AHPAC given its leading position in the large and attractive regenerative medicine sector, numerous growth opportunities and demonstrated ability to execute on product development and commercialization capabilities,” AHPAC chair Thompson Dean said in a prepared statement.
Organogensis is a regenerative medicine company producing devices for wound care, surgical and the sports medicine markets, Avista said. The company has over 600 employees globally.
“This is an important day in the history of Organogenesis. We look forward to working with Tom Dean, AHPAC and Avista Capital Partners to continue building a successful enterprise. This transaction will provide Organogenesis with capital that we will use to accelerate our growth plan for both our existing product portfolio and R&D pipeline,” Organogensis CEO Gary Gillheeney, Sr. said in a press release.