Sientra to acquire Miramar Labs
Sientra and Miramar Labs announced that they have entered into a definitive agreement under which Sientra has agreed to acquire Miramar for an aggregate transaction value of $20M in upfront cash plus contractual rights for potential contingent payments of up to $14M in cash upon the achievement of certain milestones, which would be paid to holders of Miramar equity, debt and other obligations. The acquisition of Miramar significantly broadens Sientra's aesthetics portfolio, adding the miraDry system, the only FDA cleared device to reduce underarm sweat, odor and permanently reduce hair of all colors. The miraDry non-invasive procedure is safe and highly efficacious with a proven commercial and clinical track record. As of the first quarter 2017, over 90,000 treatments have been sold to date with over 900 systems installed worldwide and 2016 full year revenue of approximately $20M, up 19% year-over-year.