Laborie Medical Technologies said today that it agreed to pay $214 million for Cogentix Medical (NSDQ:CGNT) and its line of urology and gynecology devices.
Formed by the 2015 merger of Vision-Sciences and Uroplasty, Minnetonka, Minn.-based Cogentix makes the Urgent PC neuromodulation device for treating overactive bladder syndrome, the PrsimeSight cystoscopy and EndoSheath devices and Macroplastique, an injectable soft-tissue bulking agent for treating female stress urinary incontinence.
The $3.85-per share cash offer is slated to close during the first half of the year, Toronto-based Laborie said. It’s a 14.2% premium over CGNT stock’s $3.37 closing price March 9.
“The acquisition of Cogentix advances our strategy to invest in leading technologies that provide product and channel scale to Laborie’s existing urology strategic business unit diagnostic and therapeutic portfolio, particularly in the areas of OAB (overactive bladder) and SUI (stress urinary incontinence),” president & CEO Michael Frazzette said in prepared remarks. “The addition of Cogentix’s suite of technology will significantly expand Laborie’s therapeutic offering, thereby providing customers and their patients with comprehensive, clinically-relevant solutions along the disease treatment continuum.”
“We are very pleased to be joining Laborie. We share a strong passion for providing novel solutions to our customers and their patients who suffer from OAB and SUI,” added Cogentix president & CEO Darin Hammers.
In September 2016 private equity player Audax Parners sold Laborie to Investor AB subsidiary Patricia Industries.
