Cynosure buys Palomar
Cynosure's stock dipped slightly yesterday after the Westford company announced it was buying Palomar Medical Technologies Inc. of Burlington in a cash-and-stock deal valued at about $294 million.
"Both have been industry leaders in light laser technology for cosmetic purposes," said Cynosure Chairman and CEO Michael Davin, above, who will assume those roles at the combined company. "I think they will complement each other very well."
Cynosure specializes in a minimally invasive laser approach to cellulite and non-invasive technology for tattoo removal, Davin said, while Palomar is a leader in hair removal and intense pulsed light for skin rejuvenation.
Cynoshare shares closed at $27.10, down nearly 5 percent, while Palomar's rose 4.36 percent to $13.17 amid news of the deal between the companies.
SEC freezes Wilmington co.'s assets
The Securities and Exchange Commission has announced an asset freeze against a Massachusetts-based investment adviser charged with stealing money from clients who were given the false impression they were investing in a hedge fund.
The SEC alleges that Gregg D. Caplitz and Insight Onsite Strategic Management in Wilmington sraised at least $1.1 million from clients that was used for purposes other than investing in the hedge fund they purported to manage.
Mass. agency invests $4.1M in Forsyth
The Massachusetts Life Sciences Center today awarded a $4.1 million capital grant to the Forsyth Institute for a new center to transform the way disease testing is done.
TODAY
The Commerce Department releases housing starts for February.
Federal Reserve policy makers meet to discuss interest rates.
TOMORROW
Babson College hosts the 7th annual NFTE New England Youth Entrepreneurship Conference on its campus.
Fed Chairman Ben Bernanke holds a news conference on interest rates and an economic forecast.
American Science and Engineering Inc. of Billerica has named Tyco Electronics executive Charles P. Dougherty, left, as the company's new president and chief executive officer. Dougherty replaces Anthony R. Fabiano, who is retiring from the company.
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