Sources inform ''Globes'' that Johnson and Johnson (NYSE:JNJ) has acquired ColBar LifeSciences Ltd., a maker of collagen-based matrices, for $140 million. The companies have reached an agreement in principle, and a contract is expected to be signed in a few days.
ColBar was founded in 1995 by Prof. Sandu and Pitaru Prof. Haim Tal of Tel Aviv University. The company’s product is based on artificial collagen matrices for use in implants instead of live tissue.
ColBar has developed two products to date, Ossix for the dental market (for encouraging bone growth in the jaw), and Evolence for the aesthetic market (for treating facial wrinkles). Products in the pipeline are being designed for the urological, orthopedic and other fields.
According to IVC Research, Genesis Partners and Clal Biotechnology Industries Ltd. (CBI) were the first investors in ColBar. They were followed by Evergreen Partners and Pitango Venture Capital, and later by Vitalife Life Sciences Venture and Israel Healthcare Ventures Ltd.. ColBar has raised $30 million to date in four financing rounds and bridge loans.
ColBar’s has several million dollars in sales, mostly in Europe. In 2004, the company said it expected US Food and Drug Administration (FDA) approval Evolence and that it expected to begin marketing in the US in 2006.
Published by Globes [online], Israel business news - www.globes.co.il - on March 14, 2006
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