Laborie Medical Technologies has agreed to acquire medical devices maker Cogentix Medical for $239m.
As per the terms of the deal, Laborie will purchase Cogentix Medical common stock by paying $3.85 per share in cash.
Based in Minnetonka of Minnesota, Cogentix Medical is engaged in the design, development, manufacturing and marketing of flexible endoscopy products.
The company produces Urgent PC neuromodulation system, which was approved by the US Food and Drug Administration. It delivers percutaneous tibial nerve stimulation (PTNS) for the office-based treatment of overactive bladder (OAB).
Cogentix also manufactures PrimeSight cystoscopy system that can be combined with a single-use EndoSheath protective barrier to avoid the need for high-level disinfection between every procedure.
In addition, the firm produces Macroplastique injectable and soft-tissue bulking agent to treat female stress urinary incontinence.
It stabilizes and bulks the submucosa tissue of the urethra in a minimally invasive procedure, helping to provide the surrounding muscles with increased capability to control the flow of urine.
Subject to customary closing conditions, the deal is expected to complete in the first half of the second quarter of this year.
Laborie Medical Technologies president and CEO Michael Frazzette said: “The acquisition of Cogentix advances our strategy to invest in leading technologies that provide product and channel scale to LABORIE’S existing Urology Strategic Business Unit (SBU) diagnostic and therapeutic portfolio, particularly in the areas of OAB (overactive bladder) and SUI (stress urinary incontinence).”
Cogentix Medical president and CEO Darin Hammers said: "LABORIE has a track record of success in these markets and we believe that the addition of our urology and gynecology assets to their existing product lines will ensure that our products are available to the many patients and physicians who may benefit from them.”
Laborie develops, produces and markets medical diagnostics and devices for the pelvic health and gastroenterology market.
Image: Laborie Medical Technologies to acquire medical devices maker Cogentix Medical. Photo: courtesy of adamr / FreeDigitalPhotos.net.