Axogen To Acquire BioCircuit Technologies

(RTTNews) - Axogen (AXGN) has entered into a definitive agreement to acquire BioCircuit Technologies, a privately held medical device company and developer of NerveTape, the first FDA-approved device for sutureless nerve repair. Axogen will acquire BioCircuit for total consideration of $200 million in cash at closing. At closing, $1.0 million of the estimated merger consideration will be withheld pending determination of the post-closing purchase price adjustment.

Axogen expects the acquisition to be accretive to revenue growth, adjusted EBITDA margin and adjusted earnings per share in the first year following close, while maintaining positive free cash flow.

In pre-market trading on NasdaqCM, Axogen shares are down 5.01 percent to $44.90.

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