AUSTIN, Texas, May 18 (UPI) -- Encore Medical of Texas said Tuesday it plans to acquire BioHorizons Implant Systems of Alabama in a $26 million deal.
BioHorizons Implant Systems designs and distributes a broad line of dental implants and oral reconstructive products.
Under the terms of the deal, Encore will acquire BioHorizons for $5.2 million in cash and approximately 2.6 million shares of its common stock, representing a total current acquisition value of approximately $26 million.
When completed shareholders of BioHorizons will own approximately 6 percent of the outstanding stock of Encore.
The deal is subject to the satisfaction of a number of conditions, including the filing and effectiveness of a registration statement with the Securities and Exchange Commission. The transaction is still subject to the approval of the shareholders of BioHorizons.
Encore stockholders are not required to vote on or consent to the merger. BioHorizons will merge with and into a merger subsidiary of Encore.
Encore expects the transaction to close during the third quarter of 2004.
It is expected that the acquisition will contribute approximately $10 million in product sales during the remainder of 2004 after the closing of the transaction.
