Yokneam, Israel-based Lumenis, which raised $75 million in an initial public offering last year, was said in February to be in talks about a buyout by Chinese conglomerate Fosun for nearly $500 million.
Today Lumenis said Xio Group put up a $14-per-share cash offer. Lumenis makes energy-based medical devices for surgical, ophthalmological and aesthetic applications.
“This acquisition is a strong recognition and vote of confidence in Lumenis’ achievements and its employees, and I am excited about the future prospects of Lumenis,” CEO Tzipi Ozer-Armon said in prepared remarks. “Over the past 3 years we have managed to transform Lumenis into a strong, growing and profitable company. We have refocused our strategy, introduced new products, and tripled our EBITDA. Furthermore, we have created a very bright and promising future for Lumenis by building a robust pipeline of innovative products, a strong sales team in each region, and by enhancing our global brand recognition. I am confident that we will continue to thrive and reach new heights together with Xio Group.”
The deal is expected to close in September, Lumenis said.
In November 2013, Lumenis won clearance in the U.S. and Japan for its Array LaserLink pattern scanning device for multi-spot retinal laser treatment. Earlier in 2013, the FDA slapped the company with a Class I recall of its VersaCut morcellator.