LEXINGTON, Mass., April 30 -- Palomar Medical Technologies, Inc. has closed the sale of its Star Medical Technologies, Inc. subsidiary to Coherent, Inc. for $65 million in cash and a continuing 7.5 percent royalty. Palomar, which owned 82 percent of Star, received a largely tax-free gain of approximately $49 million.
We are quite pleased to finalize this transaction, and believe that Palomar is now financially poised to further strengthen its technology leadership position in the cosmetic laser industry, said Louis P. Valente, chairman and chief executive officer of Palomar.