The all-cash sale comes as Clearwater, Fla.-based Bovie looks to pivot toward the cosmetic surgery market, and includes transition services, patent licensing, disposables supply and generator manufacturing agreements. The deal also includes terms which will position Bovie as an OEM supplier to Symmetry for at least 10 years.
The sale, originally announced last month, leaves the advanced energy business and a pair of sites in Clearwater and Sofia, Bulgaria under the company’s belt as it looks to commercialize its J-Plasma and Renuvion offerings.
Bovie said that shareholders voted to approve the divestiture at an annual meeting today.
“The closing of the divestiture and sale of our core business segment to Symmetry is an important milestone for our organization as it allows us to further focus on our strategic objective of commercializing our J-Plasma technology under the Renuvion brand in the cosmetic surgery market. We believe this transaction has already created significant value for our shareholders and positions us to aggressively pursue the extremely compelling opportunity our Advanced Energy business has in serving the cosmetic surgery market. We look forward to sharing more details about the future growth and profitability profile of our Company – as well as updating our fiscal year 2018 financial guidance – on our corporate update call on September 5, 2018,” CEO Charlie Goodwin said in a press release.
Shares in Bovie Medical are up approximately 5.7%, at $5.24 as of 2:37 p.m. EDT.