IsoTis Inc., an Irvine maker of artificial bone material, said Tuesday it’s being acquired by Integra LifeSciences Holdings Corp. for $51 million.
The deal calls for IsoTis shareholders to receive $7.25 a share for each share they own from Plainsboro, N.J.-based Integra.
The deal also includes $1.7 million in debt. It’s scheduled to close in the fourth quarter, subject to IsoTis shareholder approval.
Integra, whose products include collagen-based implants for tissue repair and cranial stabilization devices, said buying IsoTis would enhance its product offerings, broaden its international presence and increase its sales.
IsoTis is set to become a wholly owned subsidiary of Integra. The combined company will have more than 2,000 workers and operations in North America and Europe.
IsoTis was formed in 2003 when Irvine-based GenSci Orthobiologics Inc. combined with Isotis SA, a Switzerland-based medical device maker. IsoTis operates out of GenSci’s former facility in Irvine.
The company started trading on Nasdaq in January after an exchange offer through which it bought 75% of the shares of Isotis SA.
Isotis said it wanted to be a U.S. traded company for easier access to capital and to align its listing with its primary market and operations base. Isotis had traded publicly in Switzerland.
