Covidien has entered into a biotech deal with a definitive agreement with Integra LifeSciences Corporation to sell its Confluent Surgical product line.
The transaction is expected to close by March 31, 2014, subject to receipt of regulatory approvals.
Covidien will receive an initial cash payment of $235 million from Integra upon the closing of the transaction for this biotech deal.
Covidien may receive up to $30 million, contingent upon the achievement of certain performance measures related to the transition of the Confluent Surgical business to Integra.
Confluent Surgical products include: DuraSeal, DuraSeal Exact/Xact, VascuSeal and SprayShield
These products are part of the soft tissue repair category of Covidien’s Medical Devices business and generated approximately $65 million in sales in fiscal 2012.
For further deal information visit Current Agreements (subscription required)
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