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In Brief: Telios/Integra LifeSciences

Executive Summary

Telios/Integra LifeSciences: Companies sign letter of intent Feb. 9 whereby Plainsboro, N.J.-based Integra, which is developing artificial skin technologies, proposes to acquire Telios through the issuance of Integra stock in conjunction with the confirmation of a Telios Chapter 11 reorganization plan. Integra will issue up to 4 mil. shares of common stock at $8.75 per share to various Telios creditors and shareholders. The number of shares issued "will be subject to downward adjustment on a dollar-for-dollar basis in the event that less than $13 mil. in cash and receivables remain at Telios at closing." The transaction must be completed on or before July 1 and "is subject to the negotiation and execution of definitive agreements, confirmation of a plan of reorganization of Telios and cash reserves and receivables of not less than $12 mil. at Telios"...

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