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Cosmetic laser maker Candela Corp. says it will be acquired by Israeli firm Syneron Medical Ltd. in a stock deal worth approximately $65 million. Candela will keep its operations in Wayland, operating as a wholly-owned subsidiary of Syneron.
The deal calls for Candela (Nasdaq: CLZR) shareholders to receive 0.2911 shares of Syneron for each share of Candela common stock they own, and Syneron (Nasdaq: ELOS) will issue 6.7 million new shares to complete the purchase. The $65 million price represents a 51 percent premium over Candela’s closing price yesterday, officials said.
Candela’s president and CEO Gerard E. Puorro will join Syneron’s board of directors following the close of the transaction, and Syneron’s CEO Louis P. Scafuri will remain CEO of the combined company, according to officials. The sale is expected to close by the end of 2009.
Syneron makes medical aesthetic devices that use a proprietary combined-energy technology of radio frequency and light which the company calls “elos.” Its applications include areas Candela is also involved in, such as hair removal, wrinkle reduction and the treatment of acne, leg veins and cellulite. Candela, founded in 1970, has been making cosmetic and medical lasers for 20 years and reports 14,000 of its systems installed worldwide.
Candela has been trading lawsuits for a number of years with another Bay State maker of lasers for cosmetic procedures, Palomar Medical Technologies Inc. of Burlington. In October of 2008, a Texas court ruled in favor of Palomar over Candela in one of the latest laser patent lawsuits.
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