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Buisnesses, employees will remain in Akron
By Paula Schleis
Beacon Journal business writer
Published on Saturday, Jul 26, 2008
The Theken family of companies has been acquired by Integra LifeSciences Holdings Corp., a publicly traded surgical products company based in Plainsboro, N.J., for up to $200 million.
But the headquarters and manufacturing for Theken Spine, Theken Disc and Therics will remain in Akron with the same employees, and founder Randy Theken will join Integra to lead the company's new spine division.
''This represents a tremendous opportunity for Integra and Theken to leverage our collective resources and expertise in the neuro-ortho device marketplace and together expand our presence in the orthopedic spine market,'' Theken said.
''Theken Spine will continue to develop streamlined innovative systems for spine surgery, and persist with its mission to reduce operating room time and decrease the number of implants required in spinal procedures.''
Theken was traveling Friday and unavailable for further comment, but Integra's Chief Financial Officer Jack Henneman said getting a company with a great staff already in place was a bonus.
''We could not be more pleased to have Randy Theken and his group working with us,'' Henneman said. ''It's a good business fit and a good cultural fit for our company.''
Integra (which trades as IART on the Nasdaq market) will pay $75 million in cash when the deal closes, and up to $125 million in the future based on
the performance of the business in the next two years.
Theken Spine, founded in 1998, designs, makes and sells products used in spinal surgery.
Therics makes synthetic bone substitute products. (Therics has research operations in Morrisville, Pa., that will be merged with Integra's Plainsboro activities.)
Theken Disc is a research stage company that, among other things, created an artificial spinal disk replacement.
In 2007, the companies generated $34 million in revenue, a compounded annual growth rate of 21 percent in the past two years.
Integra has acquired about 30 companies since 1999, but Theken is taking the company into a new area, Henneman said.
''We have for years said we would be interested in moving into spine. . . . The only question was whether we could find an excellent partner to help us do that, and Theken is that partner,'' he said.
Paula Schleis can be reached at 330-996-3741 or pschleis@thebeaconjournal.com.
The Theken family of companies has been acquired by Integra LifeSciences Holdings Corp., a publicly traded surgical products company based in Plainsboro, N.J., for up to $200 million.
Get the full article here.
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