Integra LifeScience Holdings Corp. has announced its intention to acquire Johnson & Johnson’s Codman Neurosurgery for $1.05 billion. Codman specializes in devices for advanced hydrocephalus, neuro-critical care and operative neurosurgery. Integra anticipates that if J&J accepts the binding offer it will become a leader in neurosurgical devices, as its portfolio will complement Integra’s line of products for tissue ablation, dural repair and cranial stabilization.

“This proposed transformational acquisition of Codman Neurosurgery creates compelling value for our shareholders, employees and patients,” said Peter Arduini, president and CEO of Integra, in a release. “Its innovative portfolio and global reach will enable us to enhance our position in the neurosurgery market, while also building a global infrastructure that will benefit Integra as a whole. We look forward to welcoming the more than 600 Codman Neurosurgery employees to the Integra team.”