Cynosure set to acquire Palomar Medical Technologies

March 25, 2013
Aesthetic laser makers Cynosure (NASDAQ: CYNO) and Palomar Medical Technologies (NASDAQ: PMTI) have signed a definitive agreement in which Cynosure will acquire Palomar.

Aesthetic laser makers Cynosure (NASDAQ: CYNO; Westford, MA) and Palomar Medical Technologies (NASDAQ: PMTI; Burlington, MA) have signed a definitive agreement in which Cynosure will acquire Palomar. The transaction is valued at approximately $294 million.

Michael Davin, Cynosure's chairman and CEO, notes that the acquistion creates new cross-selling opportunities and adds more than 40 patents to the company's portfolio.

The two companies have a total combined installed base of more than 20,000 aesthetic laser systems worldwide, with a distribution network that spans over 100 countries. Combined revenue in calendar year 2012 was more than $234 million, with 52% of product revenue coming from North America and 48% originating from international markets.

The transaction is subject to customary closing conditions, including the two companies' shareholder approval and regulatory approvals. Upon completion, Cynosure shareholders will own approximately 77% and Palomar shareholders will own approximately 23% of the combined company.

Davin will continue to serve as chairman and CEO; Timothy Baker will continue as executive vice president and CFO, adding a role as COO; and Joseph P. Caruso, Palomar's CEO, will serve as president and join the Board of Directors as vice chairman.

The company plans to relocate to Palomar's owned facility in Burlington, which is 15 miles south of Westford.

-----

Follow us on Twitter, 'like' us on Facebook, and join our group on LinkedIn

Subscribe now to BioOptics World magazine; it's free!

Sponsored Recommendations

Image sensor has use in home and professional security

Nov. 23, 2023
The OS08C10 image sensor features both staggered high dynamic range (HDR) and single exposure dual analog gain (DAG).

Image sensor has use in home and professional security

Nov. 23, 2023
The OS08C10 image sensor features both staggered high dynamic range (HDR) and single exposure dual analog gain (DAG).

Dirac-vortex topological lasers meet silicon

Nov. 23, 2023
The Dirac-vortex state, a mathematical analog of Majorana fermions (a.k.a. angel particles) within superconducting electronic systems, offers a larger free spectral range than...

High-harmonic generation light probe reveals spin dynamics within a Heusler compound

Nov. 22, 2023
Researchers tune an extreme ultraviolet high-harmonic generation (EUV HHG) light probe across the magnetic resonances of each element within a Heusler compound and track its electron...

Voice your opinion!

To join the conversation, and become an exclusive member of Laser Focus World, create an account today!