Orthovita, Inc. and Allergan Inc. Sign Binding Term Sheet for Bovine Collagen Raw Material, Equipment and Technology License

MALVERN, Pa.--(BUSINESS WIRE)--Orthovita, Inc. (NASDAQ:VITA), a spine and orthopedic biosurgery company, announced today that it has entered into a binding term sheet to acquire raw material, equipment and a technology license from Allergan, Inc. and its affiliate Allergan Sales, LLC for an aggregate purchase price of approximately $6.6 million in cash. Orthovita expects to make the purchase price payment in a lump sum on or about October 31, 2008. The term sheet provides for a definitive agreement to be entered into on or before November 1, 2007.
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