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.
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