Medical device company, CONMED Corporation is to buy SurgiQuest, Inc. for $265 million. SurgiQuest develops, manufactures, and markets the AirSeal® System, the first integrated access management technology for use in laparoscopic and robotic procedures.
SurgiQuests’s AirSeal consists of a valve-free trocar with continuous pressure sensing and an integrated insufflator and smoke evacuator. With a track record of use in more than 250,000 procedures worldwide, Conmed points to evidence suggesting AirSeal leads to shorter procedure times and reduced post-operative pain.
Conmed will acquire SurgiQuest on a cash-free, debt-free basis, financing the transaction through a combination of cash and borrowings under a new credit facility.
SurgiQuest’s Founder and Chief Executive Officer Kurt Mr. Azarbarzin will join Conmed as Chief Technology Officer of the Advanced Surgical business. He will report to Bill Peters, Vice President and General Manager of Advanced Surgical.
The transaction is subject to customary closing conditions, including receipt of U.S. regulatory approval, and is expected to close in the first quarter of 2016.
“Revitalizing the Advanced Surgical business is a key element of our general surgery strategy, and this transformative acquisition uniquely bolsters the progress we have made. The AirSeal® System is a highly differentiated technology which is fast becoming the standard of care in laparoscopic and robotic surgery where it delivers benefits for the patient, the surgeon, and the hospital. We are very excited to add it to our growing Advanced Surgical portfolio,” commented Curt R. Hartman, President and Chief Executive Officer of CONMED. “We congratulate and welcome SurgiQuest’s talented management and its scientific and sales teams to Conmed. We look forward to joining forces once the transaction closes and providing industry leading technologies to our global customer base.”
Kurt Azarbarzin said; “We are excited to become part of Conmed. We believe that the combination of our organizations’ salesforces, the addition of our research and development expertise, as well as our keen focus on innovation, will enable us to expand our collective market share and to provide distinctively better solutions that improve both the doctor and patient experience.”
Source: Business Wire