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.