HealthTronics set for Endocare buy after Galil settlement
This article was originally published in Clinica
Executive Summary
HealthTronics’ acquisition of cryotherapy firm Endocare is to go ahead after the latter terminated a previously announced merger with cryotherapy company Galil Medical. Galil and Endocare settled all outstanding litigation, thus cancelling a merger deal announced in November 2008 (see Clinica No 1327, p 19). Austin, Texas-based HealthTronics will bolster its urology offering by making Endocare (Irvine, California) a wholly-owned subsidiary. As part of the deal, Endocare shareholders will have the option to exchange each share they own for either $1.35 in cash or 0.78 HealthTronics shares. This transaction was originally announced in June this year, prompting legal action from Yokneam, Israel-based Galil (see ‘Galil attempts to scupper Endocare and HealthTronics merger’, June 12 2009). Financial details of the settlement were not revealed.