Avista Healthcare Public Acquisition Corp. To Combine With Organogenesis Inc.
Avista Healthcare Public Acquisition Corp. (NASDAQ : AHPA ) ("AHPAC"), a publicly traded special purpose acquisition company, and Organogenesis Inc. ("Organogenesis" or the "Company"), a leading regenerative medicine company focused on the development, manufacture and commercialization of product solutions for the Advanced Wound Care, Surgical and Sports Medicine markets, today announced that they have entered into a definitive merger agreement, under which Organogenesis will become a wholly owned subsidiary of AHPAC. Affiliates of Avista Capital Partners ("Avista"), a leading private equity firm, have agreed to invest $92 million in the combined company in conjunction with the transaction. Following the closing of the transaction, Organogenesis will be listed on the Nasdaq Stock Exchange under the ticker symbol "ORGO." The combined company will have an anticipated initial enterprise value of approximately $673 million.
Organogenesis' mission is to provide integrated healing solutions that substantially improve medical outcomes and the lives of patients, while lowering the overall cost of care. Organogenesis' versatile product portfolio is designed to treat a variety of patients with repair and regenerative needs across the continuum of care. Today, Organogenesis has over 600 employees worldwide and is led by a management team of talented individuals with more than 75 years of collective regenerative medicine experience.
"We are delighted to be partnering with Organogenesis, as the Company is well-positioned to benefit from secular tailwinds driving growth in the Advanced Wound Care, Surgical and Sports Medicine sectors," said Thompson Dean, Executive Chairman of AHPAC. "Organogenesis represents an ideal partner for AHPAC given its leading position in the large and attractive regenerative medicine sector, numerous growth opportunities and demonstrated ability to execute on product development and commercialization capabilities."
Gary S. Gillheeney, Sr., President and Chief Executive Officer of Organogenesis, said, "This is an important day in the history of Organogenesis. We look forward to working with Tom Dean, AHPAC and Avista Capital Partners to continue building a successful enterprise. This transaction will provide Organogenesis with capital that we will use to accelerate our growth plan for both our existing product portfolio and R&D pipeline."