Urology products maker Cogentix Medical to be acquired by Laborie
Urology products maker Cogentix Medical to be acquired by Laborie. Cogentix medical, maker of several products for the urology market, including the PrimeSight sterile endoscopy system, the in-office Urgent PC therapy for overactive bladder symptoms, & Macroplastique urethral bulking agent for stress urinary incontinence is agreed to be acquired by Canada-based Laborie Medical Technologies in a $235 million deal, expected to pay investors $3.85 per share.
In the deal announcement ceremony the company said that the price set to get acquired represents a 28 perc ent premium over Cogentix’ average 30-day closing price. The acquisition is expected to close late in 2018.
During the previous year Cogentix started to sell a line of minimally invasive endourology products that do complement the company’s existing product catalog.
The company ” Cogentix ” famous for making several different products for urology market was formed 3 years back in March 2015 with the merger between Minnesota-based Uroplasty & New York’s Vision-Sciences. That very deal kicked off a rocky transition that put the company’s future into question.
What was tge thing present to keep the company alive us known to be a $25 million infusion of private equity along with a related conversion of $29.5 million in debt to equity in 2016.
Since that very time, the company has been making strategic moves to increase its growth.
The president and Chief Executive at Cognetix, ” Darin Hammers ” says through a prepared statement that they are too much pleased to be joining Laborie (Canada-based Laborie Medical Technologies). He also added to his statement saying that “We share a strong passion for providing novel solutions to our customers and their patients…”
On Monday, In early trading Cogentix stock climbed more than fourteen per cent, to $3.85 per share. Analysts of the comoany shares had projected that Cogentix would post about $65 million in revenue in the current year.