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Cynosure Inc Signs Definitive Agreement To Acquire Palomar Medical Technologies

Monday, 18 Mar 2013 07:23am EDT 

Cynosure Inc and Palomar Medical Technologies, Inc. announced that they have signed a definitive agreement, pursuant to which Cynosure will acquire Palomar in a cash and stock transaction valued at approximately $294 million. Palomar shareholders will receive $13.65 per share of Palomar common stock $6.825 per share in cash and $6.825 per share in Cynosure common stock (subject to adjustment and collar provisions described in the definitive agreement). Cynosure will issue approximately 5.2 million shares in the transaction and fund the approximately $147 million in cash consideration through existing cash balances. The transaction is expected to close in the third quarter of 2013. Upon completion of the transaction, Davin will serve as Chairman and Chief Executive Officer; Caruso will join Cynosure's Board of Directors as Vice Chairman and will serve as President; and Timothy Baker will serve as EVP, Chief Operating Officer and Chief Financial Officer. Cynosure ultimately plans to relocate its headquarters from Westford, Massachusetts to Palomar's owned facility 15 miles away in Burlington, Massachusetts. 

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0.62 +2.04%
2 Mar 2015