Medical aesthetics company Sientra has acquired Miramar Labs for $20 million in upfront cash, plus contractual rights for potential contingent payments of up to $14 million in cash upon the achievement of certain milestones. The acquisition brings the miraDry system, the only FDA-cleared device to reduce underarm sweat, odor and permanently reduce hair of all colors, to Sientra’s product portfolio.
“We are extremely excited to complete the acquisition of Miramar Labs, which is a significant milestone for Sientra and continues our progress toward building a diversified global aesthetic company,” said Jeffrey M. Nugent, chairman and CEO of Sientra. “The miraDry procedure addresses a very large and underpenetrated market in the minimally invasive, lifestyle aesthetics category. We are confident that we can work with the Miramar team to accelerate their already growing business.”
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