Irvine-based Pegasus Biologics, a venture backed developer of collagen-based bioimplants for orthopedic, spine, and neurosurgery, has been acquired by Synovis Life Technologies, Inc. Synovis said that it has signed a definitive purchase agreement to acquire substantially all of the assets of Pegasus, for $12.1M in cash. The asset buyout came after Pegasus "effectively ceased operations" in May, after failing to raise additional capital for the firm. Pegasus Biologics had raised more than $38M in venture capital and debt for the firm, from investors such as Frazier Healthcare Ventures, ONSET Ventures, and Three Arch Partners. Synovis said that Pegasus had $9.1M in revenues in 2008, and had employed 75. In conjunction with the acquisition, Synovis said it would maintain the manufacturing operations of Pegasus in Irvine.
Top NewsTuesday, July 7, 2009
Pegasus Biologics Acquired By Synovis