Orthopedic company Symmetry Medical (NYSE:SMA) signed a definitive agreement to acquire the surgical instrument business of Johnson & Johnson (NYSE:JNJ) subsidiary Codman & Shurtleff for $165 million cash.
Symmetry plans to integrate its current hospital direct business, Specialty Surgical Instrumentation, with Codman’s line of surgical instruments.
The combined surgical instruments company will be re-named Symmetry Surgical and will be based out of Nashville, Tenn.
Symmetry will pay Codman $165 million in cash for its surgical instruments product portfolio and associated assets. Both companies expect the deal to close by the end of 2011, according to a press release.
The news made a small splash on The Street, with Symmetry’s stock up 5.2 percent to $7.59 a share at market opening today compared to $7.21 at market opening on Friday.
The Warsaw, Ind.-based orthopedics company acquired Olsen Medical in August. Olsen manufactures single-use and reusable forceps, cords, electrosurgical pens/pencils, electrodes and accessories sold primarily in the U.S. and internationally through distributors.
Here’s a roundup of companies announcing mergers, acquisitions and divestitures.
Advanced Medical Solutions to buy German wound care company
Advanced Medical Solutions Group announced the proposed acquisition of German wound care company RESORBA Wunderversorgung GmbH for roughly $86 million. Read more
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