Hologic has agreed to acquire medical aesthetics systems and technologies provider Cynosure for an equity value of about $1.65bn.
Under the deal, Hologic subsidiary will initiate a tender offer to purchase Cynosure’s common stock at a rate of 66.00 per share in cash, which correspond to an enterprise value of about $1.44bn.
Cynosure develops, produces and sells aesthetic treatment systems, which allow plastic surgeons, dermatologists and other medical practitioners to carry out non-invasive and minimally invasive procedures to remove hair and treat vascular and benign pigmented lesions.
The procedures will also be used to remove multi-colored tattoos, revitalize the skin, reduce fat through laser lipolysis, reduce cellulite, clear nails infected by toe fungus, ablate sweat glands and improve women's health.
Cynosure also produces radiofrequency (RF) energy-sourced medical devices for precision surgical applications, including facial plastic and general surgery, gynecology, ear, nose, and throat procedures, ophthalmology, oral and maxillofacial surgery, podiatry and proctology.
The firm produces a range of energy sources such as Alexandrite, diode, Nd: YAG, picosecond, pulse dye, Q-switched lasers, intense pulsed light and RF technology.
Its products are available under different brand names such as Cynosure, Palomar, ConBio and Ellman through a direct sales force in the US, Canada, France, Morocco, Germany, Spain, the UK, Australia, China, Japan and Korea, as well as through international distributors in around 120 countries.
Hologic chairman, president and CEO Steve MacMillan said: "Acquiring Cynosure will accelerate our transformation into a higher-growth company by leveraging our core women's health expertise and OB/GYN channel leadership into an adjacent, cash-pay segment that is expanding at a low double-digit rate.
Cynosure chairman, president and CEO Michael Davin said: "We are thrilled at the prospect of becoming part of Hologic through a transaction that provides excellent value for all of our stakeholders.”
Image: Hologic chairman, president and CEO Steve MacMillan. Photo: courtesy of HOLOGIC, Inc.