The future payments will be tied to revenues of the business in the two years after closing. The acquisition is expected to be completed in the third calendar quarter of 2008.
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. Integra’s spine division will operate under the Integra NeuroSpine umbrella, but will function independently of the Integra OrthoBiologics and the Integra NeuroSciences selling organizations.
Stuart Essig, Integra’s president and CEO, said: “Both Integra and Theken provide some of the most advanced technology addressing surgeons’ needs. By combining our companies’ resources, technologies and management expertise, we expect to drive enhanced revenue growth and value creation.”