Surgical device firm Conmed ($CNMD) is putting up $22.5 million to acquire Viking Systems, a company that produces high-definition medical imaging devices.
Conmed will pay 27 cents per share of Viking, a 42% premium over the company's 19 cent most-recent closing cost, The Associated Press reports.
With the buyout, Conmed gets Viking's lead product: a three-dimensional imaging system for complex, minimally invasive laparoscopic surgeries. The Viking 3D-HD Vision System carries FDA approval and a CE mark, and the device has applications in urologic, gynecologic, bariatric, cardiac and neurologic surgeries, the company said.
Conmed CEO Joseph Corasanti said in a statement that the Viking buy adds a new dimension to the company's imaging wing. "Viking is at the forefront of three dimensional HD surgical imaging, and we believe that merging this technology with our established worldwide marketing and sales teams will expand the use of superior surgical visualization benefiting both surgeons and their patients," he said.
The deal has already cleared the boards of each company, and Conmed expects it to close by the fourth quarter.
- read Conmed's release
- get more from the AP