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Summit Technology

This article was originally published in The Gray Sheet

Executive Summary

Ophthalmic excimer laser maker completes acquisition of Autonomous Technologies for cash and stock valued at $224 mil. The amount is more than double the previously estimated value of $86.6 mil. when the deal was announced in October 1998, due to recent gains in Summit's stock market value ("The Gray Sheet" Nov. 9, 1998, p. 7). Autonomous shareholders will receive .727 shares of Summit common stock and $3.04 in cash for each of their shares. The deal will total about 11.2 mil. Summit shares and $46.8 mil. in cash

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Summit Technology

Ophthalmic excimer laser firm's secondary offering of 4 mil. shares is outlined in a registration statement filed with the Securities and Exchange Commission. Net proceeds will be used to fund the ongoing roll-out of the LADARVision tracker-assisted ophthalmic excimer laser system and for general corporate purposes. The system received PMA approval from FDA in November 1998 for treatment of mild to moderate nearsightedness with or without astigmatism. Acquired with Autonomous Technologies in April, the product's market debut was delayed until completion of the merger on account of patent litigation concerns (1"The Gray Sheet" May 3, In Brief). The offering is being managed by Hambrecht & Quist LLC, U.S. Bancorp Piper Jaffray and Dain Rauscher Wessels, which have an overallotment option of 600,000 additional shares

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