2013 is off to an interesting start for the medical aesthetics industry, just last month Solta Medical finished its acquisition of Sound Surgical Technologies and today Cynosure announced it is buying Palomar for $294 million in cash and stock.
Cynosure develops and markets SmartLipo, Cellulaze and several other laser technologies to doctors, medical spas & other practitioners. Palomar has many medical lasers & devices for professional practitioners but also became the first company to receive a 510(k) over-the-counter clearance from the FDA for a new, patented, home-use, laser device for the treatment of fine lines and wrinkles around the eyes, the PaloVia Skin Renewing Laser.
After the acquisition is completed, Cynosure will have more than 20,000 cosmetic laser systems installed in 100 countries. Cynosure will be relocating from Westford to Palomar's headquarters in Burlington, Massachusetts, 15 miles away.