Baxter completes takeover of Synovis

Baxter has completed its acquisition of the medical technology manufacturer Synovis Life Technologies.

Following approval of the transaction by Synovis shareholders, Baxter has been able to close a deal valued at $325 million (206.9 million pounds) in equity terms, which will help to expand its regenerative medicine and biosurgery franchise.

Synovis specialises in biological and mechanical products for soft tissue repair and microsurgery, with brands including Peri-Strips Dry, Tissue-Guard, Veritas Collagen Matrix, Flow Coupler and Gem Microclip.

This will complement Baxter's existing offerings in this sector, having played a key role in the development of the tissue sealing and haemostasis market with the creation of Tisseel Fibrin Sealant.

Ludwig Hantson, president of Baxter's bioscience business, said: "We look forward to welcoming the Synovis employees and organisation into Baxter as we begin the business integration process."

Last month, the company published its financial results for 2011, during which it experienced an eight percent rise in sales.