Published on March 1, 2010 at 6:35 AM
Solta Medical, Inc. (Nasdaq: SLTM), a global leader in the medical aesthetics market, today announced the successful completion of its acquisition of Aesthera Corporation. The transaction brings together the Isolaz™ brand of products for the treatment of acne with Solta's leading brands for skin tightening and skin resurfacing, Thermage™ and Fraxel™.
"We are delighted with the swift completion of the acquisition of Aesthera which we announced earlier this week," said Stephen J. Fanning, Chairman of the Board, President, and CEO of Solta Medical. "We look forward to successfully integrating the Isolaz brand into our global sales and marketing organization, and providing dermatologists and aesthetic physicians with yet another superior solution for their patients."
Under the agreement, Solta acquired Aesthera for consideration of $5.25 million in Solta common stock and cash, with potential additional base line milestones of $750,000 for a consideration of $6.0 million. In addition, there are $10 million of stretch milestones which would be paid to Aesthera shareholders if Aesthera achieves revenue ranging from $14 to $21 million in the twelve months beginning April 1, 2010. Excluding acquisition and integration related charges, the transaction is expected to be accretive to Solta Medical's earnings within twelve months, and becomes increasingly accretive to Solta Medical shareholders as Aesthera achieves the higher milestone revenue and payments.
SOURCE Solta Medical, Inc.
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Tags: Acne