Aesthetic device manufacturer Cynosure has completed of its acquisition of Palomar Medical Technologies. Cynosure purchased Palomar in a cash and stock transaction valued at approximately $287 million. In the transaction, Cynosure issued approximately six million shares and paid approximately $146 million in cash contributed by both Cynosure and Palomar. The closing of the transaction follows approvals by Cynosure stockholders and Palomar stockholders at separate meetings on June 24, 2013.
“Combining with Palomar brings together two world class research and development organizations creating what we believe is one of the world's premier aesthetic laser and light-based companies,” said Michael Davin, Cynosure's Chairman and CEO. “We believe the acquisition complements our product portfolio and customer base, provides new product and service revenues, strengthens our global distribution network, opens new cross-selling opportunities and enhances our intellectual property position. We appreciate the overwhelming support of our stockholders in recognizing the value of this transaction to our long-term growth strategy. We welcome Palomar's employees to the Cynosure team and look forward to the continued success of our unified organization.”