Soliton, Inc. [NASDAQ: SOLY] disclosed Monday that it has inked an agreement with Allergen Aesthetics. As per the agreement, Allergen Aesthetics will buy Soliton. Allergen will not only purchase Soliton but also acquire RESONICTM. RESONICTM is a Rapid Acoustic Pulse device that recently got U.S. FDA clearance and is a non-invasive cure for the short-term recovery in the presence of cellulite.
This acquisition is beneficial to Allergan Aesthetics in the sense that it grows and further adds to the Allergan Aesthetics’ Body Contouring cure portfolio which comprises CoolSculpting Elite. Currently, the sufferers are dying to get the new cure to tackle cellulite and actual cures have been intangible and disappointing for customers.
As per the acquisition agreement, Allergan Aesthetics will offer $22.60 per share in cash for each outstanding share of Soliton. The enterprise value of SOLY for the deal is nearly $550 million. The board of directors of both the firms has unanimously authorized by the Boards of Directors. Additionally, the deal is dependent on certain execution conditions. The conditions include clearance by the U.S. antitrust agencies under the Hart-Scott-Rodino Act and authorization of the shareholders of Soliton.
Furthermore, the innovative platform technology utilizes non-invasive fast, high-frequency sound waves to upset targeted cellular structures and connective tissue. Moreover, it will leave an impact on the fibrous septae beneath the skin which contributes to the uneven presence of cellulite.