Laborie Medical Technologies has signed a definitive agreement to purchase medical technologies developer Cogentix Medical for a total consideration of around $239m.
The agreement will see acquisition of all outstanding shares at $3.85 a unit, followed by the merger of Cogentix Medical as a wholly owned subsidiary of Laborie after receiving necessary approvals.
Laborie expects that the deal will complement the current diagnostic and therapeutic portfolio, specifically overactive bladder (OAB) and stress urinary incontinence (SUI) areas, under its urology strategic business unit (SBU).
Laborie Medical Technologies president and CEO Michael Frazzette said: “The addition of Cogentix’s suite of technology will significantly expand Laborie’s therapeutic offering, thereby providing customers and their patients with comprehensive, clinically relevant solutions along the disease treatment continuum.”
For Laborie, the products-of-interest in Cogentix’s portfolio includes a non-drug and non-surgical treatment for OAB called Urgent PC Neuromodulation System, PrimeSight Cystoscopy System & EndoSheath, and an injectable, soft-tissue bulking agent called ‘Macroplastique’ for SUI in females.
Cogentix Medical president and CEO Darin Hammers said: “This transaction helps us achieve our vision of creating value for our investors, patients, and physicians in the urology and gynaecology markets.
“We believe that this transaction is also a compelling financial opportunity that delivers significant value to our investors who have supported our evolution to becoming a valued player in the urology market.”
Subject to customary closing conditions, the deal is set to be completed in the second quarter of this year.