One of Minnesota's 100 largest public companies is set to be acquired.
Synovis Life Technologies, Inc., has agreed to be bought by Deerfield, Illinois-based Baxter International, Inc., for $325 million, the two companies announced Tuesday.
St. Paul-based Synovis' board unanimously approved the deal, which is expected to close in the first quarter of 2012. The company's shareholders-who would receive $28 per share under the terms of the transaction -have yet to approve the sale.
Synovis, which generated $68.6 million in sales last year, manufactures and markets medical devices used in soft-tissue repair surgical procedures, including hernia repairs, obesity surgery, and cardiac procedures. It also makes orthopedic and wound management products, and products used in breast reconstructions and in head, neck, and hand procedures.
Baxter makes blood products and intravenous drugs for people with hemophilia, immune disorders, infectious diseases, kidney disease, and trauma. The company's 2010 revenues totaled $12.8 billion.
Synovis CEO and President Richard Kramp said in a statement that the acquisition will be beneficial to both shareholders and employees.
"The combination of Baxter's and Synovis' product portfolios will greatly expand the combined entity's presence in the exciting and expanding soft-tissue repair market, benefiting patients worldwide," Kramp added.
Synovis is among Minnesota's 100 largest public companies based on revenue. The price of the company's stock jumped on news of the planned deal; it was trading up more than 50 percent to $27.77 early Tuesday afternoon.