ConMed completes acquisition of Connecticut firm

UTICA, N.Y. — ConMed Corp. (NASDAQ: CNMD) has completed its acquisition of SurgiQuest, Inc., a Connecticut–based surgical-device maker.

SurgiQuest will become part of the ConMed advanced-surgical business, the Utica–based surgical-device maker said in a news release issued Monday.

ConMed paid $265 million to purchase SurgiQuest, the company said when it first announced the acquisition on Nov. 16.

Founded in 2006 and headquartered in Milford, Connecticut, SurgiQuest develops, manufactures, and markets the AirSeal system, the first “integrated,” access-management technology for use in laparoscopic and robotic-surgery procedures.

ConMed expects that the acquisition will add $55 million to $60 million to the firm’s total revenue in fiscal year 2016, with net cost savings of about $15 million per year.

The company will use a new line of credit to fund the acquisition.

ConMed said it would have more to say about the transaction’s financial impact when it reports its fourth quarter financial results in late January, the company said in its Monday news release.

Shares of ConMed Corp. were trading up 37 cents, or less than 1 percent, at $42.84 per share as of 3:35 p.m. on Tuesday afternoon.

The company’s shares jumped $3.14, or 8.2 percent, to close at $41.48 on the day ConMed first announced the acquisition.

Contact Reinhardt at ereinhardt@cnybj.com