Warburg Pincus Sells Lifecore Biomedical

Warburg Pincus has sold Lifecore Biomedical to Landec (NASDAQ: LNDC) for $40 million in cash plus an assumed debt of $4 million. Additionally, the firm may receive up to another $10 million in cash earn-out payments. Lifecore Biomedical develops, manufactures and markets hyaluronan-based biomaterials in the form of compounds and finished products for biomedical applications. Grace Matthews advised Landec on the deal. In 2008, Warburg Pincus acquired the company, which at the time also included a dental division, for $17 per share, resulting in a total deal amount of $230.5 million in cash.