ST. PAUL, Minn.--(BUSINESS WIRE)--Synovis Life Technologies, Inc. (Nasdaq: SYNO), has entered into a definitive purchase agreement through a wholly owned subsidiary to acquire substantially all the assets of Pegasus Biologics, Inc., a privately held medical device company based in Irvine, Calif., focused on the development of advanced biological solutions for soft tissue repair. The purchase price is $12.1 million in cash and resulted from a sealed bid auction process. Synovis expects to close the transaction on or before July 15, 2009, utilizing current cash reserves.
