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.
Sign up to get our free newsletters delivered straight to your inbox
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
Sanomedics signs letter of intent
Miami, Fla.-based Sanomedics signed a letter of intent to acquire a durable medical equipment provider. Read more
LabCorp acquires Orchid Cellmark
The U.S. Federal Trade Commission approved Laboratory Corporation of America Holdings acquisition of Orchid Cellmark Inc. Read more
LEDMD lands distribution deal
Henry Schein signed a distribution agreement for LED Medical Diagnostics subsidiary LED Dental’s VELscopeVx. Read more
