Cogentix Medical agreed to an acquisition bid from Laborie Medical Technologies, the Minnesota StarTribune reports.
Here's what you should know.
1. Laborie will pay $235 million to acquire Cogentix. That works out to approximately $3.85 per share of outstanding stock.
2. The price is a 28 percent premium over Cogentix' average 30-day closing price.
3. Cogentix makes several products for the urology market, including the PrimeSight sterile endoscopy system.
4. Cogentix has had a troubled past. It was formed in March 2015 as a merger between Uroplasty and Vision-Sciences that "cast the company's future into question." The company received $25 million in private equity and converted $29.5 million in debt to equity in 2016, which the StarTribune reports, "kept the company alive."
5. Cogentix President and Chief Executive Darin Hammers said, "We are very pleased to be joining Laborie. We share a strong passion for providing novel solutions to our customers and their patients."