Cynosure announces acquisition of Palomer Medical Technologies

Cynosure has completed a deal that will see it acquire Palomer Medical Technologies – a transaction it claims will result in the creation of one of the leading aesthetic laser and light-based companies in the world.

The group confirmed a definitive agreement has been reached between the two parties, with Cynosure set to pay a cash and stock transaction to the value of 294 million dollars (193 million pounds).

It is anticipated that the move will serve to combine best-of-breed technologies and products while also strengthening the intellectual property portfolio with additional patents.

Michael Davin, chairman and chief executive officer at Cynosure, said: "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."

Mr Davin explained the combination with Palomer should complement the organisation's customer base and product portfolio, while also adding more strength to its global distribution network.