Conmed Corporation (NASDAQ: CNMD), an Utica, N.Y.-based medical technology company, acquired SurgiQuest, Inc., a Milford, Connecticut-based developer of an integrated access management technology for use in laparoscopic and robotic procedures, for $265m.
The transaction, subject to customary closing conditions, including receipt of U.S. regulatory approval, and expected to close in the first quarter of 2016, will be financed through a combination of cash and borrowings under a new credit facility.
Founded in 2006 by Kurt Azarbarzin, Founder and Chief Executive Officer, SurgiQuest develops, manufactures, and markets the AirSeal® System (AirSeal), an integrated access management technology platform for use in laparoscopic and robotic procedures. AirSeal consists of a valve-free trocar with continuous pressure sensing and an integrated insufflator and smoke evacuator. It has been used in more than 250,000 procedures worldwide.
The company was backed by River Cities Capital Funds, Fletcher Spaght Ventures,CMEA Ventures, California Technology Ventures, Aphelion Medical Fund, among others.
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.
Led by Curt R. Hartman, President and Chief Executive Officer, Conmed provides surgical devices and equipment for minimally invasive procedures. The company’s products, used by surgeons and physicians in a variety of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology, are distributed worldwide from several manufacturing locations. Conmed has a direct selling presence in 16 countries outside the United States, and international sales constitute over 50% of total sales. The company employs approximately 3,400 people.