Syneron Medical Ltd. (ELOS) announced it has entered into a definitive agreement to acquire Pleasanton, California-based aesthetic technology firm Primaeva Medical, Inc. Syneron will acquire Primaeva for $7 million in cash, with potential additional consideration of up to $23 million in cash contingent on the achievement of commercial milestones.
Primaeva developed a minimally invasive RF aesthetic device for the treatment of skin wrinkles and laxity. The proposed acquisition is expected to close before the end of calendar year 2009. Syneron expects to introduce the non-surgical skin tightening Primaeva technology in 2010.
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