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Sientra to acquire Miramar Labs, miraDry
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Sientra announced it has entered into a definitive agreement to acquire Miramar Labs.
Sientra, a medical aesthetics company, will acquire the global medical device company with a focus on the aesthetics marketplace for $20 million in upfront cash plus contractual rights for potential contingent payments of up to $14 million in cash upon the achievement of certain milestones, according to a press release. The acquisition includes miraDry, the only FDA-cleared device to reduce underarm sweat, odor and permanently reduce hair of all colors.
More than 90,000 miraDry treatments have been sold through the first quarter of 2017, with more than 900 systems installed worldwide and 2016 full year revenue of approximately $20 million, up 19% year-over-year, according to the release.
“I have been very pleased with both the clinical outcomes and patient interest in the miraDry procedure,” Bruce W. Van Natta, MD, of Meridian Plastics Surgeons of Indianapolis, Indiana, stated in the release. “I have offered the miraDry procedure in my practice for over two years and continue to see the growth of lifestyle treatments like miraDry.”
“The acquisition of Miramar will be a significant step toward our stated intent of building Sientra into a diversified global aesthetic company,” Jeffrey M. Nugent, chairman and CEO of Sientra, stated in the release. “The miraDry procedure is well recognized by key opinion leaders as a highly efficacious technology that delivers results patients want and contributes to aesthetic practice growth.”
Sientra also announced that Keith Sullivan has been named strategic adviser and will advise on the commercial efforts for the Miramar business. Sullivan was most recently chief commercial officer and president of North America at Zeltiq, according to the release.
Reference: www.investors.sientra.com