Cynosure Acquires Palomar Medical Technologies for $294 Million
“We believe the acquisition of Palomar creates a substantial opportunity to generate profitable, long-term growth for our Company and drive value for our stockholders," said Michael Davin, Cynosure's Chairman and Chief Executive Officer. "Combining with Palomar complements our product portfolio and customer base, adding new product and service revenues, strengthening our global distribution network, creating new cross-selling opportunities and enhancing our intellectual property position with the addition of more than 40 patents."
Both based in Massachusetts, Cynosure’s acquisition of Palomar will combine a total installed base of more than 20,000 aesthetic laser systems worldwide and a distribution network that includes more than 100 countries.
"Beyond our strategic rationale for acquiring Palomar, we also are excited about the benefits of bringing together two organizations built on a commitment to meaningful innovation," Davin said. "Palomar products such as the Icon and Starlux Laser and Intense Pulsed Light (IPL) Platforms and the recently introduced Vectus Diode Laser for permanent hair reduction have established Palomar's reputation for excellence around the world. This commitment is also reflected in proprietary technology that enables physicians to ensure patient safety and comfort through advances in intelligent energy delivery, skin cooling, and temperature control."
Palomar shareholders will receive $13.65 per share, $6.825 per share in cash and $6.825 in Cynosure common stock.
"Our board of directors and management team believe that this transaction makes strategic sense for our company, offers an attractive premium to our shareholders and creates exciting opportunities for our employees," said Joseph Caruso, Chairman, President and Chief Executive Officer of Palomar. "Both companies share the same passion for innovation, and this combination creates a single, unified organization that is positioned for continued success."
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