September 27, 2017 / 3:55 PM / 3 years ago

UPDATE 1-U.S. FTC approves Integra purchase of J&J’s Codman business

(Adds background on the divestiture, transaction, share prices)

By Diane Bartz

WASHINGTON, Sept 27 (Reuters) - Medical device maker Integra LifeSciences Holdings Corp has received U.S. antitrust approval to buy Johnson & Johnson's Codman Neuro Division, the Federal Trade Commission said on Wednesday.

To win the approval, the FTC required Integra to sell five medical device product lines, the agency said. Integra will sell the five lines to Natus Medical Inc.

The deal was valued at $1.05 billion in cash when it was announced in February.

The product lines include systems to monitor pressure inside the skull, three sets of products used to either drain or shunt away excess fluid in the brain and spinal cord, and dural grafts used to replace the membrane around the brain or spinal cord to keep fluid in place, the FTC said.

Integra did not immediately respond to a request for comment.

Plainsboro, New Jersey-based Integra makes products used in neurosurgery, reconstruction, wound and dental care. Codman markets devices for neuro-critical care and electrosurgery, and generated sales of about $370 million in 2016.

Integra shares added 0.3 percent to $49.26 while Johnson & Johnson dipped 0.8 percent to $129.85 on Wednesday. (Reporting by Diane Bartz; Editing by Chizu Nomiyama and Jeffrey Benkoe)

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