AMERICAN HOME PRODUCTS ACQUIRES SYMBIOSIS CORP.
AMERICAN HOME PRODUCTS ACQUIRES SYMBIOSIS CORP. NEW YORK, Sept. 24 /PRNewswire/ -- American Home Products
Corporation (NYSE: AHP) announced today the acquisition of Symbiosis Corp. Symbiosis, a privately held company based in Miami, Florida, was founded in 1985 and is a leading developer and manufacturer of disposable instruments for endoscopic and laparoscopic surgery.
Under the terms of the acquisition, American Home Products will acquire Symbiosis for $175 million, plus additional future payments based on performance. Symbiosis will operate as a subsidiary of the company, led by its current management team, and will continue to focus on developing innovative products for less invasive surgery (LIS). Commenting on the acquisition, John R. Stafford, chairman and chief executive officer of American Home Products Corporation, said, "The dramatic growth in the field of less invasive surgery is being fueled by the considerable benefits to both patients and healthcare in terms of quality of life and cost containment. We expect Symbiosis to focus on leveraging its proven product development capabilities, proprietary technology and manufacturing and quality assurance experience, while complementing our important businesses in the medical device and diagnostic equipment fields." Symbiosis will work closely with the business units of American Home Products, particularly Sherwood Medical. Sherwood's leading position in various products used in surgery and its strong international presence provide the foundation for expansion into new areas of the rapidly evolving LIS market. Symbiosis' current products are sold through marketing partners that are leaders in their respective fields, notably the Ethicon Endosurgery Division of Johnson & Johnson and Boston Scientific Corporation. American Home Products looks forward to the same mutually satisfactory relationship with both partners. American Home Products Corporation is a worldwide manufacturer and marketer of prescription drugs, medical supplies and diagnostics, over- the-counter medicines and food products. Other medical device and diagnostic equipment businesses of American Home Products include Sherwood Medical, a manufacturer and marketer of medical and surgical devices, laboratory and diagnostic equipment and veterinary devices, Quinton Instrument Company, a leading supplier of equipment and supplies for cardiologists, and Corometrics Medical Systems, a leader in obstetrical monitoring systems. -0- 9/24/92 /CONTACT: John L. Skule, 212-878-5015, John R. Considine (investors), 212-878-6429, both of American Home Products; or Karen Vinjamuri of Symbiosis Corp., 305-597-4170/ (AHP) CO: American Home Products Corporation; Symbiosis Corp. ST: New York, Florida IN: MTC SU: TNM
SH -- NY043 -- 3160 09/24/92 13:37 EDT
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|Date:||Sep 24, 1992|
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