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Cooper Cos. Unit Buys Gynecology Business

April 26, 2001|Dow Jones

A unit of Lake Forest-based Cooper Cos. has acquired the gynecology business unit of MedAmicus Inc. for $4.7 million, the companies said Wednesday.

The acquisition by CooperSurgical Inc. is expected to add to Cooper's earnings per share at the end of 12 months.

Cooper's shares rose $1.35 to $44.05 on the New York Stock Exchange, while MedAmicus stock was off 10 cents a share, closing at $5.15 in Nasdaq trading.

The MedAmicus Gynecology Division's flagship product is the LuMax Fiber Optic Cystometry System, consisting of a monitor and catheters, designed to conduct office-based incontinence diagnostic studies.

Under terms of the deal, CooperSurgical will assume immediate responsibility for sales and marketing of the product line, while MedAmicus will continue manufacturing for CooperSurgical until an orderly transition of these responsibilities can be made, tentatively by Dec. 31.

MedAmicus' Gynecology Division reported a loss of $2.1 million for last year on sales of $3.58 million. The loss included $682,000 of general and administrative and interest allocations.

Cooper Cos. and its units develop, make and market specialty health care products.

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