Mr. Theken buys Therics
BY JOHN MCCORMICK, JULY 4, 2005
On Friday of last week, Tredegar Corporation announced that it sold the assets of Therics, Inc. to a new company controlled and managed by Randall R. Theken (not the actual Theken Spine company itself). The new stand-alone company will simply be called Therics, LLC. This will expand Mr. Theken's family of orthopedic medical device companies which includes Theken Spine, LLC. One can clearly see the possibilities of collaboration between Therics and Theken Spine given the ownership structure and common clinical areas that the companies address.
Based in Princeton, NJ, Therics is a developer and marketer of bone graft substitutes, bone void fillers, machined allografts and other resorbable tissue/bone fixation products. The Company, which was founded in 1993, has always had strong ties to the academic community in Boston including MIT, Harvard and Massachusetts General Hospital.
One of the core Therics technologies is the TheriForm(TM) Process which is a three dimensional printing capability that creates scaffolds and bone graft implants with a precise channels and pores. The Company is able to apply its technologies to a variety of materials.
Tredegar bought Therics in 1999 and by early 2005, Therics was losing over $9 million a year. Tredegar will be taking a write-off as a result of the newly announced transaction. Terms were not released, but we do know that Tredegar has retained a 17.5% equity interest in Therics, LLC, will receive potential future payments on the sale of Therics products, and has received a 3.5% interest in Theken Spine, LLC.
