Synovis Buys Pegasus Biologics

Synovis Life Technologies Inc. (Nasdaq: SYNO) has agreed to acquire the assets of Pegasus Biologics Inc., an Irvine, Calif.-based developer of bioimplants for soft-tissue repair and wound care for diabetic ulcers. The deal is valued at $12.1 million in cash. Pegasus ceased operations earlier this year, after being unable to secure new financing. It had previously raised $32 million over three funding rounds, from Onset Ventures, Affinity Capital Management, Three Arch Partners and Frazier Healthcare Ventures.

North AmericaUSBriefs