Laborie Set to Acquire Cogentix
Laborie Medical Technologies is set to acquire Cogentix Medical for about $239 million in a deal that will close in the second quarter of 2018. The price represents a 28% premium over Cogentix average 30-day closing price.
Minnetonka, MN-based Cogentix specializes in urology devices. The firm’s products include Urgent PC, a neuromodulation system for percutaneous tibial nerve stimulation. It treats overactive bladder and associated symptoms of urinary urgency, urinary frequency, and urge incontinence on an outpatient basis.
The company also has the Cystoscopy system combined with a single-use, protective barrier with an integrated working channel. Using PrimeSight with the EndoSheath protective barrier eliminates the need for high-level disinfection between every procedure and provides a significant workflow benefit to urologists performing cystoscopies. The firm’s Macroplastique line offers soft-tissue augmentation for the endoscopic treatment of stress urinary incontinence, and an implantation system for non-endoscopic treatment of female urinary incontinence.
“This transaction helps us achieve our vision of creating value for our investors, patients and physicians in the urology and gynecology markets,” said Darin Hammers, president and CEO of Cogentix Medical. “Laborie has a track record of success in these markets and we believe that the addition of our urology and gynecology assets to their existing product lines will ensure that our products are available to the many patients and physicians who may benefit from them. We believe that this transaction is also a compelling financial opportunity that delivers significant value to our investors who have supported our evolution to becoming a valued player in the urology market.”
Cogentix was formed in late 2014 when urinary-incontinence device manufacturer Uroplasty merged with Orangeburg, NY-based Vision-Sciences.
Upon news of the pending acquisition, Cogentix stock climbed more than 14%, to $3.85 per share.