Oncology device developers RITA Medical Systems of Mountain View, CA, and Horizon Medical Products of Atlanta have signed a definitive agreement to merge their companies.
The firms believe the merger will combine their respective strengths in the development, manufacture, and marketing of medical oncology devices for the treatment of cancer. Joseph DeVivo, president and CEO of RITA, will serve as president and CEO of the combined company, and Robert J. Wenzel, chief operating officer (COO) and interim CEO of Horizon, will serve as COO, the companies said.
Under the terms of the merger agreement, each Horizon shareholder will receive 0.4212 of a RITA share for each Horizon share held. Following the transaction, RITA shareholders will own 47.5% of the combined company and Horizon shareholders will own 52.5% of the combined company. The closing of the merger is subject to the approval of the shareholders of each company and other customary closing conditions, according to Horizon and RITA.
By AuntMinnie.com staff writersMay 13, 2004
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