Bovie Medical announced this week the intention to sell off its electrosurgery division to Symmetry Surgical in a deal expected to be worth $97 million. The electrosurgical vertical is such a core component of the Florida manufacturer’s business that their very name is drawn from Dr. William T. Bovie, the person credited with inventing the electrosurgical generator in 1926.
Symmetry Surgical leadership celebrated the acquisition, noting the well-established Bovie brand will complement the company’s existing Olsen line, which serves the electrosurgery market.
“The Bovie brand is synonymous with electrosurgery and recognized by hospitals and physicians worldwide,” Brian J. Straeb, Symmetry’s president and CEO, said in a statement. “This exciting acquisition enables us to address a wider range of our customers’ needs and gives Symmetry an opportunity to further establish itself as a key player in the growing bipolar and monopolar energy markets.”
Bovie Medical noted the divestiture of the electrosurgery business and the influx of cash allows for a shift of focus to the continued development of cosmetic surgery products. The commercialization of the J-Plasma advanced energy device is cited as a particular priority moving forward. Earlier this year, Bovie launched a clinical study of the device’s efficacy in dermal skin resurfacing procedures.
Pending all necessary approvals and clearances, Symmetry Surgical’s acquisition of the Bovie Medical electrosurgery business is expected to close in the third quarter of 2018.
