Integra LifeSciences Holdings Corporation (IART), 313 Enterprise Drive, Plainsboro 08536; 609-936-3600; fax, 609-275-5363. Stuart M. Essig, CEO. Home page: www.integra-ls.com.
Integra LifeSciences Holdings, a developer of regenerative medicine, has acquired Omni-Tract Surgical, a developer of table-mounted surgical retractor systems. Integra expects to maintain Omni-Tract’s operations in Minnesota and will integrate its into existing complementary product lines.
This is the good news. At about the same time that Integra announced this acquisition the company cut its 2008 and 2009 forecasts, citing the effects of the strong U.S. dollar and a slowdown in hospital capital spending. Integra projects that its total revenues for 2008 will be about 1 percent below its prior forecast.
The slowdown in hospital capital spending has particularly hit its neurosurgery product lines. However, Integra said it continues to see strong growth in its orthopedic revenue category and expects that to continue in 2009.
Indevus To Be Sold
Indevus Pharmaceuticals (IDEV), 7 Clarke Drive, Cedar Brook Corporate Center, Cranbury 08512; 609-409-9010; fax, 609-409-1650. Kevin Pelin, senior VP operations & general manager. Home page: www.indevus.com.
Indevus Pharmaceuticals, a manufacturer and distributor of topical and implantable drug delivery devices, has received an offer from Endo Pharmaceuticals. Endo, which is based in Chadds Ford, Pennsylvania, is offering $370 million plus up to an additional $267 million in regulatory and sales milestone payments.
Endo has announced that it intends to begin a tender offer under which Indevus stockholders will receive $4.50 for every share of the company’s common stock tendered. Indevus shareholders may also receive up to $3 per share if certain milestones relating to Nebido (injectable testosterone preparation) and an octreotide implant, two of the company’s lead product candidates, are achieved. The $4.50 per share offer represents a premium of 45.2 percent over Indevus’s closing price in early-January and a 59 percent premium over the 30-day average closing price for the company’s common stock.
Endo currently focuses on treatments for pain and said that the acquisition of Indevus reflects its desire to expand into complementary medical areas where it can be innovative and competitive. Indevus will add treatments for overactive bladder, prostate cancer, and central precocious puberty to Endo’s product portfolio and the combined company will market nine products through three speciality sales forces.
The acquisition was driven by the demographic, healthcare, and reimbursement trends that favor the development of new products in urology and endocrinology, David Holveck, Endo’s president and CEO, said in a prepared statement. He added that these trends demand that pharmaceutical companies become better healthcare partners with physicians and managed care organizations by offering a range of new products and technologies in related medical specialities that achieve better outcomes for patients
The exact number of Indevus employees that will be retained was not disclosed. But Glenn Cooper, CEO and chairman of Indevus, said in a prepared statement that the company’s sales force, its operations in Cranbury, and its Nebido and Octreotide R&D teams are expected to play a role in the new company.
M&T Bank (MTB), 101 Interchange Plaza, Suite 201, Cranbury. Home page: www.mtb.com.
The mortgage office of M&T Bank at Interchange Plaza in Cranbury appears to have been closed. The location has been dark for weeks and telephone calls do not go through. The corporate website for the Buffalo-based financial firm no longer lists Cranbury as one of its locations.
M&T Bank had opened the office just about one year ago, when it joined offices in the northern and in the southern part of the state. At one time the bank had operated an office on Nassau Street.
Covance Inc. (CVD), 206 Carnegie Center, Princeton 08540-6681; 609-452-8550; fax, 609-452-9375. Joe Herring, CEO. Home page: www.covance.com.
Covance, a global contract research organization (CRO), has added three new senior executive positions to its periapproval services team. Glynis Neagle M.D. has been named vice president for medical affairs, while Robert Bader assumes the title of director for product safety services, and Thomas Noto becomes vice president for regulatory affairs.
Neagle, who previously served as Covance’s senior director for clinical development, will oversee medical affairs, epidemiology and product safety.
Bader, formerly senior director for global pharmacovigilance and epidemiology at Cephalon, will lead phase IIIb and IV pharmaco-vigilance programs.
Noto, who has held various senior positions at other CROs, will oversee regulatory affairs.
Amicus Therapeutics, 5 Cedar Brook Drive, Cranbury 08512; 609-662-2000; fax, 609-662-2001. John F. Crowley, CEO. www.amicustherapeutics.com.
Amicus Therapeutics, a biopharmaceutical with three lead drug candidates to treat Fabry, Gaucher, and Pompe diseases, has elected Sol J. Barer to its board of directors. Barer is chairman and CEO of Celgene Corporation.
Mercer Alliance to End Homelessness, 3131 Princeton Pike, Building 4, Suite 113, Lawrenceville 08648; 609-844-1006; fax, 609-895-1245. Herb Levine, executive director. Home page: www.merceralliance.org.
The Mercer Alliance to End Homelessness has named four new members to its board of directors. They are Marygrace Billek, Patricia Cavanaugh, Frank Cirillo, and Clifford Goldman, who will serve as vice-chair of the Alliance.
Billek is director of human services for Mercer County; Cavanaugh is vice president for patient services and chief nursing officer at Capital Health Systems; Cirillo is the director of welfare for Mercer County; and Goldman is a partner with Goldman, Beale Associates, a financial advisory firm.
R.B. Homes Inc., 152 Witherspoon Street, Princeton 08540; 609-924-7111; fax, 609-924-7199. Roman Barsky, principal.
The Barsky Homes construction company, owned by Roman Barsky, is now doing business as R.B. Homes.
Palatin Technologies Inc. (PTN), 4C Cedar Brook Drive, Cedar Brook Corporate Center, Cranbury 08512; 609-495-2200; fax, 609-495-2201. Carl Spana PhD, president & CEO. Home page: www.palatin.com.
Palatin Technologies, a biopharmaceutical company, has reported that it had received notice from NYSE Alternext US LLC, formerly known as the American Stock Exchange, that it is not in compliance with conditions of the exchange’s continued listing standards. The advisory stated that the company, which had a major lay-off last spring, has stockholder equity is less than the required $4 million and because it has losses from continuing operations and net losses in its five most recent fiscal years.
Zatuchni & Associates LLC, 287 South Main Street, Lambertville 08530; 609-243-0300; fax, 609-243-0333. David Zatuchni Esq., principal. Home page: www.zatuchniassociates.com.
The corporate law firm of Zatuchni & Associates has moved its central New Jersey offices from 2 Research Way to Lambertville.
The firm specializes employment discrimination law. It also has offices in Newark and in New York City.
The firm was founded in 2000 by David Zatuchni, a graduate of Northwestern University Law School (Class of 1995). Zatuchni first practiced labor law, defending big corporations from employee suits.
But in this practice he has switched sides, solely representing employees who claim to have been wronged by their employers.
The phone, fax, and Internet contact information for Zatuchni & Associates’ central New Jersey office remain the same.
Authentic Education, 110 Lambertville-Hopewell Road, Box 148, Hopewell 08525; 609-466-8080; fax, 609-466-4033. Grant Wiggins, president. www.authenticeducation.org.
Authentic Education, provider of staff development and consultation services for schools, has moved its offices from 10 Broad Street to Lambertville-Hopewell Road.
Founded nearly 20 years ago, the firm develops materials for building student performance by helping teachers define goals and craft effective learning activities.
Murray Reich, 87, on January 16. He was a founder of the 55Plus organization, which arranges intellectual activities for Princeton area retirees.
John A. Ellis, 85, on January 9. He was chairman of the music department at the Lawrenceville School.