Cynosure to buy Mass. laser rival Palomar for $294M

Cynosure to buy Mass. laser rival Palomar for $294M

Cynosure of Westford said today it will acquire rival medical laser maker Palomar Medical Technologies in a cash-and-stock deal worth nearly $294 million.

The proposed merger will combine two Bay State companies. Palomar is based in Burlington.

"We believe the acquisition of Palomar creates a substantial opportunity to generate profitable, long-term growth for our company and drive value for our stockholders," said Michael Davin, Cynosure's chairman and chief executive officer, in a statement. "Combining with Palomar complements our product portfolio and customer base, adding new product and service revenues, strengthening our global distribution network, creating new cross-selling opportunities and enhancing our intellectual property position with the addition of more than 40 patents."

The companies said they have a total combined installed base of more than 20,000 aesthetic laser systems worldwide, with a distribution network spanning more than 100 countries. The companies had combined revenue of more than $234 million last year with 52 percent of product revenue stemming from North America and the remaining 48 percent originating from the international markets.

Davin will serve as chairman and CEO of the combined company, while Palomar President and CEO Joseph Caruso will join Cynosure's board of directors as vice chairman and will serve as president.

Cynosure added it ultimately plans to relocate its Westford headquarters to Palomar's owned facility 15 miles away in Burlington.

Under terms of the acquisition, Palomar shareholders will receive $13.65 per share of Palomar common stock; $6.825 per share in cash and 6.825 per share in Cynosure common stock.

The deal is expected to close in the third quarter of this year. Upon completion, Cynosure shareholders will own about 77 percent and Palomar shareholders will own nearly 23 percent of the combined company.

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