Warburg Pincus Selling Lifecore to Landec
Warburg Pincus has agreed to sell LifeCore Biomedical Inc., a Chaska, Minn.-based maker hyaluronan-based biomaterials for the medical and veterinary markets, to Landec Corp. (Nasdaq:LNDC). The deal is valued at up to $54 million, including $40 million in cash, $4 million in assumed debt and up to $10 million in earn-outs. Warburg Pincus took LifeCore private in 2008 for approximately $239 million. It then split the company into two pieces, with the dental division being merged into an existing portfolio company and the hyaluronan remaining as Lifecore.
3 May 2010•6 mins read
