Orthovita, Inc (VITA) and Allergan Sign Binding Term Sheet for Bovine Collagen Raw Material, Equipment and Technology License
Orthovita, Inc. (VITA), a leading spine and orthopedic surgery company, announced that the company has officially entered into an agreement with Allegen, Inc. This agreement specifies that Orthovita will acquire raw material, equipment and technology licenses from Allergan, Inc. and its affiliate Allergan Sales, LLC for $6.6 million in cash. At this time, Orthovita expects the deal to be inked on October 31, 2007. The raw material and equipment that will be acquired relate directly to Orthovita's VITAGEL® Surgical Hemostat product. Allergan, currently supplying collagen for VITAGEL, will manufacture and supply specified quantities of collagen to Orthovita by the time the…