Synovis Life Technologies to Acquire Pegasus Biologics for $12.1 million
BY LAUREN UZDIENSKI, JULY 10, 2009
Synovis Life Technologies, Inc. announced plans this week to acquire Pegasus Biologics, Inc. for $12.1 million in cash (a 1.3x revenue multiple.) Pegasus manufactures a collagen-based soft tissue scaffold as well as a wound healing device.
According to the Synovis press release, Pegasus raised more than $38 million in venture equity and debt since its inception. Most recently, the company closed on $1.1 million from Affinity Capital Management in May. Other investors over the life of the company include Frazier Healthcare Ventures, Onset Ventures and Three Arch Partners.
Pegasus serves as an example of the venture investing slowdown we discussed last month. This is an interesting case where a relatively developed company is no longer being funded by its existing VCs. To date, the venture capital slowdown has been most apparent in cases where companies are raw start-ups.
