Date Announced: 08 Dec 2010
The two companies will combine expertise in light-based therapies for a range of applications including acne and anti-angeing.
YOKNEAM, ISRAEL--(Marketwire - 12/08/10) - Syneron Medical Ltd. (NASDAQ:ELOS - News), the leading global aesthetic device company, announced today that it has acquired privately-held Pharos Life Corporation, a leading manufacturer of home-use light therapy for aesthetic procedures.
Pharos Life Corporation's products are marketed directly to consumers through premium retailers under the Tända™ brand name and include products for skincare and wellness solutions for both the home-use and professional markets. Under terms of the agreement, Syneron will acquire Pharos Life Corporation through the assumption of approximately $2.5 million in net debt, plus additional potential performance-based earn out payments of up to $13.25 million payable in 2013. Pharos will continue operating as a wholly owned subsidiary of Syneron and the Tända™ business will be integrated into Syneron's consumer home-use initiatives.
Dr. Shimon Eckhouse, Chairman of the Board of Directors and co-founder of Syneron, commented, "The acquisition of Pharos clearly demonstrates our commitment to the aesthetic home-use market. We believe this market represents a major synergistic growth opportunity for Syneron with both our existing and in-development aesthetic technologies. With the addition of the Tända product line, which is complementary to our home use initiative with Procter and Gamble, we now have a broad range of aesthetic home-use products in various stages of development and commercialization."
The Tända product lines include Tända Prestige for home-use, which are sold through exclusive distribution agreements with premium retailers, and Tända Professional for skincare and wellness professionals. These products are supplemented by specially formulated pre-treatment topical gels and system accessories. Tända products are user-friendly and deliver a rare combination of clinically proven results, convenience and value. More information on Tända products is available at www.tandaskincare.com.
Fabian Tenenbaum, Syneron Executive Vice President leading the consumer home-use device effort, said, "The acquisition of Pharos Life Corporation is an important milestone in the execution of Syneron's growth strategy as we work to expand and diversify our business. It gives Syneron an immediate and market leading presence in the consumer aesthetic market, which is a key strategic area that we believe has promising potential. In addition, the Tända products are clinically validated and are complementary to our existing technologies, demonstrating our commitment to providing the highest quality, best-in-class products to our customers. Tända also has strong brand equity in the premium segment of the market, with established trade relationships that gives us access to the prestige retailers in the U.S. and international markets."
Tända treatment categories include:
* Tända Acne Solution products offer an effective and natural solution for the treatment and prevention of mild to moderate inflammatory acne. The product works by using blue LED light to kill the P.acnes bacteria, the bacteria that cause acne. The product is cleared for OTC use by US FDA and CE mark approval.
* Tända Anti-Aging Solution products give patients plumper, firmer and more youthful-looking skin. The product works by using red LED light to address the signs of aging by boosting overall cellular energy, increasing the production of collagen and elastin, and increasing microcirculation.
* Tända Professional Restore products increase circulation to target areas to relieve aches, pains and stiffness in muscles and joints. The product works by delivering warm therapeutic light deep into targeted body tissue.
John Kennedy, President & Founder of Pharos Life Corporation, said, "As the global leader in the aesthetic market, Syneron is the ideal partner to help us realize the full potential of the Tända product line and our LED light therapy technology. Syneron will provide additional resources, complementary technology, and innovative products that will enhance the value of our existing business."
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Web Site: www.syneron.com
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