COLLAGEN Solutions has won a supply contract with a spinal implant specialist listed on the New York Stock Exchange.
The manufacturing business, which has its main operational base in Glasgow, confirmed it will sell collagen powder to Globus Medical for use in bone grafting products.
Stewart White, Collagen Solutions chief executive, said: "Globus utilising our fibrous collagen powder is another example of how Collagen Solutions will realise its value, through strong and long partnerships with customers, founded on early stage commitment and the provision of quality, competitive collagen materials to ensure the provision of cost effective health care for patients."
David Paul, Globus Medical chief executive, said: "Collagen Solutions' technical and quality expertise is value-adding to our product and is the basis on which we have made this commitment. Collagen Solutions is an important material provider in our supply chain and we look forward to a long association with the company."
Globus, which was founded in 2003 and has its headquarters in Audubon, Pennsylvania, had sales of more than $434 million in 2013.
For the nine months to September 30, 2014 sales were running around 10 per cent ahead at close to $346m.
In a note to clients Gary Waanders, from Zeus Capital, said the recent acquisition of New Zealand based Southern Lights Biomaterials was already paying off for Collagen Solutions.
He said: "Collagen Solutions now provides its clients with greater surety in the supply of its high-quality collagen-based biomaterials.
"This new agreement with Globus Medical demonstrates the benefits its enhanced scale of operations and we see it as an important validation of Collagen Solutions' strategy of focusing on high-quality, innovative materials which Globus Medical's CEO referred to as "value-adding". "While we expect revenue to be modest initially, the agreement will see Collagen Solutions embedded as the long-term supplier of this fibrous collagen powder for Globus Medical's product."
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