The Quakertown, Pa.–based operation makes complex braided and formed biomedical structures for the cardiovascular, neurovascular and general surgery markets. The company also offers product development, materials testing and post-processing services including electropolishing and packaging. The deal calls for an upfront payment of $15 million plus unspecified milestones, Integer said.
“The acquisition of US BioDesign assets will allow us to partner with our customers to enhance patient lives in new ways,” president & CEO Joe Dziedzic said in prepared remarks. “US BioDesign has demonstrated engineering prowess in the area of complex braided and formed biomedical structures, which will set us apart from the competition as we partner with customers to develop life-saving medical devices.”
“We are excited to bring our complex braided biomedical structures and capabilities to the leader in medical device outsource manufacturing,” added US BioDesign president & CEO Tom Molz. “Our combined capabilities, engineering and innovation will allow us to accelerate our growth while better serving our customers and their patients worldwide.”
Integer said its plans for expanding the Quakertown site into an R&D hub also include US Biodesign’s already planned expansion. Molz is slated to lead the complex braiding business under Integer cardio & vascular president Payman Khales.
The company said it expects the impact of the buyout on sales and adjusted earnings per share this year to be minimal.
ITGR shares closed up 0.9% at $74.76 apiece yesterday.