AMS sheds Laserscope aesthetics unit
This article was originally published in The Gray Sheet
Executive Summary
Iridex will pay $28 mil. for American Medical Systems' laser aesthetics business under a definitive agreement announced Nov. 30. Upon close of the deal, expected by Jan. 31, 2007, Iridex also will acquire $7.3 mil.-$9.5 mil. in net assets, including accounts receivable. AMS, which completed its $715 mil. acquisition of Laserscope in July, previously indicated that the laser device firm's aesthetics unit was not "a strategic fit" (1"The Gray Sheet" June 12, 2006, p. 10). Laserscope's aesthetics unit garnered $36.9 mil. in 2005 sales, roughly 30% of Laserscope's total 2005 sales of $127.1 mil. Iridex says the purchase will be immediately accretive to earnings...