HealthTronics and Endocare complete merger
This article was originally published in The Gray Sheet
Urology service provider completes the previously-announced $16 million acquisition of cryoablation device-maker Endocare with the close of its exchange offer for all outstanding shares of Endocare's common stock, announced July 27 (1"The Gray Sheet" June 15, 2009). Endocare's main product is the Cryocare cryosurgery system, indicated for general surgery, urology, gynecology and oncology, among other procedures. The firm will be a wholly-owned subsidiary of Austin, Texas-based HealthTronics
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Urology service provider and device distributor HealthTronics acquires prostate cancer cryoablation device developer Endocare for $16 million in cash and stock. Under a definitive agreement announced June 8, HealthTronics will pay $1.35 for each of Endocare's 11.8 million outstanding common stock shares - a 50% premium over the stock's previous close of $0.90 on June 5. While HealthTronics had offered $2.28 per share for Endocare last summer, Endocare rejected the unsolicited bid in favor of a November merger deal with Galil Medical (1"The Gray Sheet" Aug. 18, 2008, In Brief). But the Galil deal fell through when the closing conditions could not be met (2"The Gray Sheet" Nov. 17, 2008, p. 4). Endocare's main product is the Cryocare cryosurgery system, indicated for general surgery, urology, gynecology and oncology, among other procedures. HealthTronics says the deal will "solidify its position as the leading provider of products and services to the urology community.
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