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Acquisition

Conmed to acquire SurgiQuest for US$265 million

SurgiQuest's patented AirSeal System optimises the laparoscopic environment and provides stability in the abdominal cavity during minimally invasive surgery

Conmed has announced a definitive agreement to acquire privately-held SurgiQuest, for US$265 million. The transaction is subject to customary closing conditions, including receipt of US regulatory approval, and is expected to close in the first quarter of 2016. Founded in May 2006, SurgiQuest develops, manufactures and markets access technologies for minimally invasive surgery (MIS). SurgiQuest's patented AirSeal System optimises the laparoscopic environment and provides stability in the abdominal cavity during MIS.

AirSeal consists of a valve-free trocar with continuous pressure sensing and an integrated insufflator and smoke evacuator. AirSeal has been used in more than 250,000 procedures worldwide. Unlike conventional insufflation and trocar systems, the company claims its integrated platform ensures stable pneumoperitoneum, continuously evacuates smoke and plume when energised medical devices such as electro-cautery, laser or ultrasound are used, and provides valve-free access to the abdominal cavity during both robotic and laparoscopic surgical procedures.

“Revitalising the Advanced Surgical business is a key element of our general surgery strategy, and this transformative acquisition uniquely bolsters the progress we have made. The AirSeal System is a highly differentiated technology which is fast becoming the standard of care in laparoscopic and robotic surgery where it delivers benefits for the patient, the surgeon, and the hospital. We are very excited to add it to our growing Advanced Surgical portfolio,” said Curt R Hartman, President and CEO of Conmed. “We congratulate and welcome SurgiQuest’s talented management and its scientific and sales teams to Conmed. We look forward to joining forces once the transaction closes and providing industry leading technologies to our global customer base.”

Conmed does not expect the acquisition to have a material impact on fiscal year 2015 operating results. In fiscal year 2016, the acquisition is expected to add $55 to $60 million to its revenue.

“We are excited to become part of Conmed,” said Kurt Azarbarzin, SurgiQuest’s Founder and CEO. “We believe that the combination of our organisations’ salesforces, the addition of our research and development expertise, as well as our keen focus on innovation, will enable us to expand our collective market share and to provide distinctively better solutions that improve both the doctor and patient experience.”

Azarbarzin will join Conmed as Chief Technology Officer of the Advanced Surgical business. He will report to Bill Peters, Vice President and General Manager of Advanced Surgical. 

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