Medtronic agrees takeover of Osteotech

Medtronic has agreed a deal which will see it acquire the regenerative medicine specialist Osteotech in a transaction valued at $123 million (79.2 million pounds).

The agreement has been unanimously approved by Osteotech's board of directors, with finalisation of the deal subject to standard closing conditions and regulatory approval.

It will allow Medtronic to expand its presence in sectors such as bone healing, spine treatment and orthopaedic trauma, adding products such as the Grafton demineralised bone matrix range and Plexur Biocomposites to its portfolio.

Chris O'Connell, Medtronic executive vice-president and restorative therapies group president, said the move represents a "key step" in its strategy to augment its regenerative biologics business.

He added: "Osteotech's products and capabilities will better position Medtronic in today's competitive musculoskeletal biologics market and also position the company more broadly for the opportunity we see in the future."

This comes after Medtronic completed its takeover of cardiovascular health specialist ATS Medical earlier this month.