J. Robert Saron Expects to Resign as President and Director of Bovie Medical Corporation to Join Symmetry Surgical
July 09, 2018 at 05:31 pm IST
On July 9, 2018, Bovie Medical Corporation (company) entered into an asset purchase agreement with Specialty Surgical Instrumentation Inc. (Buyer) and a wholly-owned subsidiary of Symmetry Surgical Inc. (Symmetry), pursuant to which the company will sell its electrosurgical ‘Core’ business segment and related intellectual property, including the Bovie® brand, to Buyer for gross proceeds of $97 million in cash (the transaction). The purchase agreement and the transactions contemplated thereby were approved by the company’s Board of Directors on July 8, 2018. Upon the closing of the transaction, it is expected that J. Robert Saron, the company’s President and a Director of the company, will resign from all positions with the company and join Buyer as an employee.