Private equity firm Avista Healthcare Public Acquisition Corp. yesterday approved its merger with regenerative medicine company Organogenesis.
The merger won approval yesterday at separate special meetings of shareholders for both companies, Canton, Mass.-based Organogenesis said.
As part of the deal, Avista invested a total of $92 million in the combined company, Organogenesis said. Avista also said it plans to deregister in the Cayman Islands and incorporate in Delaware, according to an SEC filing.
The company is slated to be run by Organogenesis’ existing management team, led by CEO Gary Gillheeney Sr., the company said in a press release.
“We are delighted to have completed this transaction and look forward to capitalizing on Tom Dean and Avista’s strategic expertise as Organogenesis uses the capital from this investment to execute on its compelling growth objectives and continues to deliver its customers a versatile product portfolio to substantially improve the lives of their patients,” Gillheeney said in a press release.
Organogenesis 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.
“We are pleased to have closed this transaction with Organogenesis and look forward to a very successful partnership. Organogenesis is an ideal partner for Avista, given its leading position in the rapidly accelerating regenerative medicine sector, numerous growth opportunities and demonstrated ability to execute on product development and commercialization capabilities. Collectively, we will work to create tremendous value for Organogenesis’ patients, investors, employees and key stakeholders,” Avista co-CEO & managing partner Thompson Dean said in a press release.
The companies originally announced the acquisition in August.
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