Syneron Medical (ELOS) to Acquire Primaeva Medical for $7M Plus Possible $23M in Bonus
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Syneron Medical Ltd. (NASDAQ: ELOS) announced it has signed a definitive agreement to acquire Primaeva Medical, Inc., an aesthetic technology firm based in Pleasanton, CA.
Primaeva developed a minimally invasive RF aesthetic device for the treatment of skin wrinkles and laxity. The proposed acquisition is subject to customary conditions and is expected to close before the end of calendar year 2009. Syneron expects to introduce the non-surgical skin tightening Primaeva technology in 2010.
Syneron will acquire Primaeva for $7 million in cash, with potential additional consideration of up to $23 million in cash contingent on the achievement of commercial milestones. As part of the agreement, Primaeva founder and CEO Bankim Mehta will join the Syneron management team.
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