Tyco International Signs Agreement to Acquire Confluent Surgical
From: IAS Admin (tracy.joslin@adhesions.org)
Tue Jul 25 19:12:15 2006
All,
Dr. Wiseman asked that this be posted to our message board. A copy of this
Press Release will also be available this week on our What's New page.
Thank you.
_________________________________________
Tyco International Signs Agreement to Acquire Confluent Surgical
--
_________________________________________
PEMBROKE, Bermuda, July 18 /PRNewswire-FirstCall/ -- Tyco International
Ltd. (NYSE: TYC
<http://studio.financialcontent.com/Engine?Account=prnewswire&PageName=QUOTE
&Ticker=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.
"Confluent Surgical is an excellent strategic fit for Tyco Healthcare.
This acquisition will expand U.S. Surgical's Syneture suture product
portfolio, as well as the Autosuture division's surgical stapler
franchise," said Rich Meelia, Chief Executive Officer of Tyco Healthcare.
"Confluent's products and technology will be a welcomed addition to Tyco
Healthcare's extensive surgical portfolio."
ABOUT TYCO INTERNATIONAL
Tyco International Ltd. is a global, diversified company that provides
vital products and services to customers in four business segments:
Electronics, Fire & Security, Healthcare, and Engineered Products &
Services. With 2005 revenue of $40 billion, Tyco employs approximately
250,000 people worldwide. More information on Tyco can be found at
http://www.tyco.com <http://www.tyco.com/> .
ABOUT TYCO HEALTHCARE
As a major business segment of Tyco International Ltd., Tyco Healthcare
manufactures, distributes and services an extensive product line including
disposable medical supplies, monitoring equipment, innovative wound closure
products, advanced surgical devices, medical instruments and bulk analgesic
pharmaceuticals. With industry-leading brand names such as Autosuture,
Kendall, Mallinckrodt, Nellcor, Puritan Bennett, Syneture and Valleylab,
Tyco Healthcare products are found in virtually every healthcare setting.
More information can be found at http://www.tycohealthcare.com
<http://www.tycohealthcare.com/> .
ABOUT CONFLUENT SURGICAL
Confluent Surgical, Inc. is a privately held company developing
products based on its proprietary technology of in-situ polymerized
hydrogels and associated delivery systems for the field of biosurgery.
Confluent is developing products to address the need for surgical sealing
and post-surgical adhesion prevention applications. For more information
about Confluent Surgical and DuraSeal Sealant, visit
http://www.confluentsurgical.com <http://www.confluentsurgical.com/> and
http://www.duralsealant.com <http://www.duralsealant.com/> .
FORWARD-LOOKING INFORMATION
This release may contain certain "forward-looking statements" within
the meaning of the United States Private Securities Litigation Reform Act
of 1995. These statements are based on management's current expectations
and are subject to risks, uncertainty and changes in circumstances, which
may cause actual results, performance or achievements to differ materially
from anticipated results, performance or achievements. All statements
contained herein that are not clearly historical in nature are
forward-looking and the words "anticipate," "believe," "expect,"
"estimate," "plan," and similar expressions are generally intended to
identify forward-looking statements. The forward-looking statements in this
release include statements addressing the following subjects: future
financial condition and operating results. Economic, business, competitive
and/or regulatory factors affecting Tyco's businesses are examples of
factors, among others, that could cause actual results to differ materially
from those described in the forward-looking statements. Tyco is under no
obligation to (and expressly disclaims any such obligation to) update or
alter its forward-looking statements whether as a result of new
information, future events or otherwise. More detailed information about
these and other factors is set forth in Tyco's Annual Report on Form 10-K
for the fiscal year ended Sept. 30, 2005, and Quarterly Report on Form 10-Q
for the quarterly period ended March 31, 2006.
SOURCE Tyco International Ltd.
_____
Related links:
* http://www.tyco.com <http://www.tyco.com/>
* http://www.tycohealthcare.com <http://www.tycohealthcare.com/>
* http://www.confluentsurgical.com <http://www.confluentsurgical.com/>
* http://www.duralsealant.com <http://www.duralsealant.com/>
* http://www.prnewswire.com/comp/897850.html /
_____
<javascript:void(0);> Issuers of news releases and not PR Newswire are
solely responsible for the accuracy of the content.
Terms and conditions, including restrictions on redistribution, apply.
Copyright C 1996- 2006 PR Newswire Association LLC. All Rights Reserved.
A United Business Media <http://www.unitedbusinessmedia.com/> company.
|
