Hologic (NSDQ:HOLX) said today that it closed its $1.65 billion acquisition of Cynosure Inc. (NSDQ:CYNO) and its portfolio of medical aesthetic products and devices.
Marlborough, Mass.-based Hologic paid $66 per share for a total of 17 million shares of Class A stock, representing approximately 70.6% of the company’s outstanding shares.
“We are pleased to complete our acquisition of Cynosure, and look forward to working with Michael Davin and the entire Cynosure team to achieve even greater success in the large, rapidly growing medical aesthetics market. Acquiring Cynosure, combined with divesting our blood screening business, fundamentally reshapes our business portfolio and makes us a stronger, faster-growing company,” Hologic chair, prez & CEO Steve MacMillan said in a press release.
Hologic said that upon closure, Cynosure has become a wholly owned subsidiary of the company, with a discussion of financial implications of the purchase slated for May 10, along with the release of its 2nd quarter earnings.
Morgan Stanley acted as financial advisor to Hologic, while Wachtell, Lipton, Rosen & Katz served as legal advisor. Leerink Partners acted as financial advisor to Cynosure, with Wilmer Culter Pickerin Hale and Dorr as legal advisor.
Last month, Cynosure faced a class action lawsuit from shareholders who looked to halt the company’s proposed $1.44 billion sale to Hologic, alleging that Cynosure’s regulatory filing recommending the transaction is missing crucial information about the company’s financial projections and the process that led up to the deal.
The complaint, filed in the U.S. District Court for Massachusetts, suggested that the filing is misleading and that shareholders don’t have enough information to ensure the proposed transaction is a good deal.