P&M Corporate Finance Announces the Sale of Theken to Integra LifeSciences
Southfield, MI — P&M Corporate Finance (PMCF) is pleased to announce that it served as exclusive financial advisor to Theken Spine, LLC, Theken Disc, LLC and Therics, LLC (together "Theken"), in its sale to Integra LifeSciences Holdings Corporation (Nasdaq:IART) for $75 million in cash at closing, subject to certain adjustments, and up to $125 million in future payments based on the performance of the business after closing.
Theken Spine, founded in 1998, designs, develops, manufactures and distributes a full range of spinal fixation products. The company specializes in pioneering spinal implant technologies that seek to improve spinal surgical techniques, thereby benefiting patients as well as surgeons. Theken Spine products include cervical plates, pedicle screws, spacers, and degenerative/deformity and trauma devices. Therics, founded in 1996, designs, develops and manufactures a variety of synthetic bone substitute products. Theken Disc is a research stage company that develops and manufactures spinal arthroplasty products, including the revolutionary eDisc(TM), a microelectronic artificial spinal disc replacement. Each of the companies is based in Akron, Ohio.
Theken generated approximately $34 million in revenue in 2007 and has been a profitable company for several years. Theken has an experienced senior management team with a proven track record in the spine industry. Upon closing, Randy Theken, the founder of Theken Spine and Theken Disc, and the management of Theken will join the leadership team at Integra and lead Integra's newly-created spine division. Integra expects to retain all Theken employees, as well as the Theken headquarters and manufacturing facilities in Akron, Ohio.
About P&M Corporate Finance
P&M Corporate Finance, LLC is a middle market investment bank providing merger and acquisition advisory services to companies in North America and Europe. PMCF provides a broad range of services including sale advisory, acquisition advisory, capital raising and strategic advisory. The firm has dedicated industry teams providing services to the life sciences, plastics and packaging, industrials, and business services industries. PMCF has offices in Chicago, Cleveland, and Detroit.
Headquartered in Akron, Ohio, Theken Spine, LLC, Theken Disc, LLC, and Therics, LLC ( www.theken.com ) specialize in pioneering spinal implant technologies that seek to improve spinal surgical techniques, thereby benefiting patients as well as surgeons. Theken Spine provides comprehensive product lines that offer surgeons peace of mind through steadfast product reliability and easy-to-use instrumentation. Products include cervical plates, pedicle screws, spacers, degenerative/deformity, trauma devices, and synthetic bone substitute products. Theken Disc is a development stage company focused on next generation artificial disc replacement technology.
About Integra LifeSciences Holdings Corporation
Integra LifeSciences Holdings Corporation, a world leader in regenerative medicine, is dedicated to improving the quality of life for patients through the development, manufacturing, and marketing of cost-effective surgical implants and medical instruments. Our products are used primarily in neurosurgery, extremity reconstruction, orthopedics and general surgery to treat millions of patients every year. Integra's headquarters are in Plainsboro, New Jersey, and we have research and manufacturing facilities throughout the world.