Tyco International Signs Agreement to Acquire Confluent Surgical
Press Release
PEMBROKE, Bermuda – July 18, 2006 – Tyco International Ltd. (NYSE: TYC, BSX: TYC) today announced that U.S. Surgical, a subsidiary of Tyco’s Healthcare segment, entered into a definitive agreement to acquire Confluent Surgical, Inc., a leading developer and supplier of polymer-based technology used in sprayable surgical sealants and anti-adhesion products. The transaction is priced at $245 million. The Boards of Tyco International and Confluent Surgical have approved the transaction, which is expected to close by the end of August. Tyco expects to incur a charge in its fiscal fourth quarter to write off in-process research and development.
Confluent Surgical, located in Waltham, Mass., markets a neurosurgical sealant that was the first product to receive Food & Drug Administration (FDA) approval for use in cranial dural repair. This sealant, along with several other products in the company’s pipeline, is intended to improve patient outcomes by reducing leaks or adhesions across various surgical specialties. Over the next six years, the biosurgery market—which is estimated at $900 million—is expected to double in size. This acquisition helps position Tyco Healthcare and U.S. Surgical to compete effectively in that growing market.
Source: International Adhesion Society
www.adhesions.org
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