Medtronic to acquire Osteotech for approx. $123M

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Medical technology companies Medtronic and Osteotech have entered into a definitive agreement for Medtronic to acquire Osteotech for $6.50 per share in cash for each share of Osteotech common stock. The total value of the transaction is expected to be approximately $123 million.

The acquisition of Eatontown, N.J.-based Osteotech will complement Medtronic's Biologics bone healing portfolio and expand on its spine, orthopedic trauma and dental business, giving the Memphis, Tenn., company entry into joint reconstruction, foot and ankle, and sports medicine treatment areas, Medtronic stated.

The transaction is subject to customary closing conditions, including approval by Osteotech’s stockholders and U.S. and foreign regulatory clearances, according to Medtronic.