Medical device company Conmed Corp. (Nasdaq: CNMD) is buying VC-backed surgical equipment maker SurgiQuest Inc. for $265 million in cash.
SurgiQuest, based in Milford, Connecticut, and founded in 2006, manufactures the Airseal surgical technology system. Airseal is designed to make it easier for surgeons and physicians to access to the abdominal cavity during lapariscopic procedures. Conmed sells medical instruments for invasive procedures.
The target has raised around $65 million in venture capital funding from CMEA Capital, California Technology Ventures, Fletcher Spaght ventures, Wiest International Investment, Aphelion Capital, River Cities Capital and Mosaix Ventures. SurqiQuest recently filed for a $75 million IPO.
JPMorgan Chase & Co. (NYSE: JPM) and Sullivan & Cromwell LLP are advising Conmed. Piper Jaffray & Co. (NYSE: PJC) and Wiggin & Dana LLP are SurgiQuest’s advisers. SurgiQuest founder Kurt Azarbarzin will join Conmed as chief technology officer of advanced surgical business.
Other recent medical technology deals include 3M Co.'s (NYSE: MMM) completing its acquisition of Polypore International Inc.’s (NYSE: PPO) separations media business and Boston Scientific's (NYSE: BSX) picking up CeloNova Biosciences' interventional radiology portfolio.
Conmed is funding the acquisition with cash and debt.