IsoTis stockholders OK takeover by Integra

IsoTis, a US orthobiologics company, says that its stockholders have approved its acquisition by Integra LifeSciences Holdings Corp, pursuant to an August 6 agreement and plan of merger. The deal is expected to close shortly, followed by settlement of the offer price of $7.25 in cash per share. Following the merger, shares of IsoTis common stock will cease to be listed on the Nasdaq.

IsoTis develops, manufactures and markets proprietary products for the treatment of musculoskeletal diseases and disorders. Its current orthobiologics products are bone graft substitutes that promote the regeneration of bone and are used to repair natural, trauma-related and surgically-created defects common in orthopedic procedures, including spinal fusions. IsoTis' current commercial business is highlighted by its Accell line of products, which the company believes represents the next generation in bone graft substitution.

According to the two firms, the combination would create a comprehensive orthobiologics portfolio, one of the largest sales organizations focused on orthobiologics in the USA, and multiple cross-selling opportunities. The transaction is subject to customary conditions and approvals. Upon closing, IsoTis will become a wholly-owned subsidiary of Integra.