Aesthetic surgical devices maker Syneron Medical Ltd. (Nasdaq: ELOS) today confirmed that it is buying all the assets of drug delivery solutions company TransPharma Medical Ltd. for $3.6 million in cash. Initial reports of talks between the companies spoke of Syneron paying $15 million, which included the company's $10 million cash. In the end, it was decided to distribute the cash before sale, and Syneron will only be acquiring the assets, so that the size of the deal is more or less as previously reported.
Syneron also confirmed that it will use Transpharma's product to deliver drugs and cosmetic substances through the skin, and not usingTranspharma's original intention of delivering the drug biologically into the bloodstream. Syneron reported that Transpharma's product is effective for cosmetic uses and is approved for use in Europe.
Syneron, chairman and founder Shimon Eckhouse said, "TransPharma has made significant investments in developing a leading transdermal drug delivery technology. We are excited to have the opportunity to incorporate this enabling platform and intellectual property into Syneron's broad aesthetic product technology patent portfolio."
Syneron's share price fell 0.19% on the opening on Nadsaq at $10.73, giving a market cap of $378 million.
Published by Globes, Israel business news - www.globes-online.com - on March 12, 2012
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