Sources inform ''Globes'' that Johnson & Johnson (NYSE:JNJ) has completed its acquisition of Israeli start-up ColBar LifeSciences Ltd. for $159 million paid to ColBar’s shareholders, management and employees. The company will continue to develop and produce its products in Israel, while Johnson & Johnson will sell them.
ColBar has become the basis of Johnson & Johnson’s aesthetic products line.
ColBar was founded in 1995, and raised $45 million from Israeli funds BioMedical Innovations Management Ltd., Evergreen Venture Partners, Genesis Partners, Israel Healthcare Ventures Ltd., Pitango Venture Capital, and Vitalife Life Sciences Venture and from Ziff Brothers Investments of the US. The funds made a 3.5-fold return on their investment.
ColBar has developed and produces two human collagen-based products for tissue regeneration. OSSIX, the first product on the market, targets the dental sector. It is a resorbable bovine-sourced collagen dental membrane used to fill gaps left from tooth extractions until new bone is regenerated.
The second product, Evolence, is an injectable collagen for filling in wrinkles.
Industry sources estimate the company’s sales at $6 million.
ColBar was founded by Prof. Sandu Pitaru and Dr. Matitiahu Nof, who no have active roles in the company following a well publicized legal dispute. Sources said the dispute between the company’s shareholders was settled before the sale to Johnson & Johnson was closed.
Published by Globes [online], Israel business news - www.globes.co.il - on October 11, 2006
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