New Jersey Firm to Acquire Laparomed in Stock Swap
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Privately owned Laparomed Corp. said it has agreed to be acquired by Advanced Surgical Inc. of New Jersey in an all-stock deal that will give Laparomed shareholders a 26.5% stake in the combined companies.
Terms were not disclosed, but the deal appears to be worth $10 million to $11 million based on Friday’s $3.75 per share closing price for Advanced Surgical stock in the Nasdaq Small-Cap market.
Both companies make and market instruments for so-called less-invasive, or laparoscopic, surgery.
Laparomed, with 10 employees, will continue to operate in Irvine as a research and development division of Advanced Surgical. Paul Lubock, Laparomed’s president, will become senior vice president of Advanced Surgical.
Laparomed’s majority owners are a group of venture capital companies that include Medicus Venture Capital in Menlo Park, Calif., and Cross Point Venture Partners in Irvine.
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