Theragenics Corporation Agrees to Acquire CP Medical
Theragenics Corporation(R) announced that it has entered into an agreement to acquire CP Medical, a medical device company. CP Medical is a manufacturer and supplier of innovative sutures, cardiac pacing cables, brachytherapy needles/spacers, and other related medical products sold in the professional surgical and veterinary fields. The transaction establishes new growth platforms for Theragenics(TM) within the field of medical devices and also serves to diversify Theragenics'(TM) product offerings within its core brachytherapy business. CP Medical's brachytherapy products enhance Theragenics'(TM) position as a fully integrated manufacturer, supplier, and distributor of brachytherapy products. Theragenics(TM) expects this acquisition to be accretive to net income in 2005.
Under the terms of the agreement, at closing Theragenics(TM) will pay cash of approximately $19,150,000 and issue approximately 1,885,370 shares valued at approximately $6,250,000 as calculated over a 20-day period from March 28, 2005 through April 22, 2005 for a total purchase price of approximately $25,400,000. Theragenics(TM) will finance the cash portion of the purchase price from cash on hand. CP Medical has no significant debt on its books. The consummation of the transaction is subject to customary closing conditions.
Other news from the department business & finance
Get the life science industry in your inbox
From now on, don't miss a thing: Our newsletter for biotechnology, pharma and life sciences brings you up to date every Tuesday and Thursday. The latest industry news, product highlights and innovations - compact and easy to understand in your inbox. Researched by us so you don't have to.
