Cytyc Corporation (CYTC) Acquisition Of Proxima Therapeutics Clears Antitrust Review
10/19/2005 5:12:51 PM
MARLBOROUGH, Mass.--(BUSINESS WIRE)--Feb. 24, 2005--Cytyc Corporation (Nasdaq: CYTC), a leading women's health company, today announced that it received early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with Cytyc's acquisition of Proxima Therapeutics, Inc., a privately-held company that develops and markets innovative delivery systems for the treatment of cancer. Early termination of the Hart-Scott-Rodino waiting period satisfies one of the conditions necessary to complete the pending acquisition.
The two companies announced on February 9, 2005, that they had entered into a definitive merger agreement for Cytyc to acquire Proxima for the purchase price of $160 million, plus a two-year earnout based on incremental sales growth in breast related products, to be paid out of existing cash. Proxima's lead product, the proprietary MammoSite(R) Radiation Therapy System, is a single-use device for the treatment of breast cancer that positions radiation sources directly into the post-lumpectomy site to optimize radiation treatment delivery while minimizing damage to healthy tissue.
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