The Fridley-based medical-device maker paid $6.50 for each share of Osteotech, which makes orthopedic-focused biologic products that spur regenerative healing.
Medtronic says it’s buying a company with strong products like Grafton demineralized bone mix. Osteotech also is awaiting approval from the Food and Drug Administration for its engineered human collagen biomaterial technology.
These technologies will help Medtronic strengthen its position in the spine, orthopedic trauma and dental markets, and expand into new growth areas like joint reconstruction, foot and ankle, and sports medicine.
“This acquisition is an important step in building a broader business in regenerative biologics,” Tom McGuinness, general manager of Medtronic’s biologics business, said in a statement. “The acquisition complements our bone healing portfolio and will expand our current presence in spine, orthopedic trauma and dental into new treatment areas including joint reconstruction, foot and ankle, sports medicine and neurosurgery.”