Sonendo Executes Asset Purchase Agreement to Acquire Biolase Assets
Sonendo, Inc. (OTCQX: SONX), a dental technology company, has entered into an Asset Purchase Agreement to acquire substantially all assets of Biolase, Inc. and its subsidiaries for $14 million, plus assumption of certain liabilities and settlement of ongoing patent litigation. Biolase filed for Chapter 11 bankruptcy on October 1, 2024. Sonendo will be designated as the "stalking horse" bidder in a Bankruptcy Court-supervised process, subject to higher offers and court approval.
Sonendo's CEO, Bjarne Bergheim, expressed commitment to ensuring a smooth transition for Biolase customers, patients, suppliers, and vendors. The company anticipates cross-selling opportunities and cost reduction synergies as a combined entity. In January 2023, Sonendo's subsidiary, PIPStek , filed a patent infringement lawsuit against Biolase, claiming damages of not less than $59,000,000.
Sonendo, Inc. (OTCQX: SONX), un'azienda tecnologica dentale, ha stipulato un Accordo di Acquisto di Attività per acquisire praticamente tutti gli asset di Biolase, Inc. e delle sue filiali per 14 milioni di dollari, con assunzione di alcune passività e risoluzione di contenziosi in corso relativi a brevetti. Biolase ha presentato richiesta di fallimento ai sensi del Capitolo 11 il 1° ottobre 2024. Sonendo sarà designata come offerta
Sonendo, Inc. (OTCQX: SONX), una empresa de tecnología dental, ha firmado un Acuerdo de Compra de Activos para adquirir prácticamente todos los activos de Biolase, Inc. y sus subsidiarias por 14 millones de dólares, además de asumir ciertas responsabilidades y resolver litigios pendientes sobre patentes. Biolase solicitó el Capítulo 11 de quiebra el 1 de octubre de 2024. Sonendo será designada como la oferta
Sonendo, Inc. (OTCQX: SONX)는 치과 기술 회사로, Biolase, Inc. 및 그 자회사의 대부분의 자산을 1400만 달러에 인수하기 위한 자산 매입 계약을 체결했습니다. 이는 특정 채무의 인수와 진행 중인 특허 소송의 합의도 포함됩니다. Biolase는 2024년 10월 1일에 파산법 제11장에 따라 신청했습니다. Sonendo는 법원 관리 하에 진행되는 과정에서
Sonendo, Inc. (OTCQX: SONX), une entreprise de technologie dentaire, a conclu un Accord d'Achat d'Actifs pour acquérir pratiquement tous les actifs de Biolase, Inc. et de ses filiales pour 14 millions de dollars, en plus de l'assumption de certaines passifs et le règlement de litiges en cours sur des brevets. Biolase a déposé le bilan selon le Chapitre 11 le 1er octobre 2024. Sonendo sera désignée comme l'enchérisseur
Sonendo, Inc. (OTCQX: SONX), ein Unternehmen für Zahntechnologie, hat einen Vermögensübertragungsvertrag unterzeichnet, um fast alle Vermögenswerte von Biolase, Inc. und deren Tochtergesellschaften für 14 Millionen Dollar zu erwerben, einschließlich der Übernahme bestimmter Verbindlichkeiten und der Beilegung laufender Patentstreitigkeiten. Biolase beantragte am 1. Oktober 2024 Insolvenz nach Kapitel 11. Sonendo wird als der „Stalking-Horse“-Bieter in einem vom Insolvenzgericht überwachten Verfahren bezeichnet, vorbehaltlich höherer Angebote und der Genehmigung des Gerichts.
Der CEO von Sonendo, Bjarne Bergheim, hat sein Engagement bekräftigt, um einen reibungslosen Übergang für die Kunden, Patienten, Zulieferer und Verkäufer von Biolase zu gewährleisten. Das Unternehmen erwartet Cross-Selling-Möglichkeiten und Kostensynergien als gemeinsames Unternehmen. Im Januar 2023 reichte die Tochtergesellschaft von Sonendo, PIPStek, eine Klage wegen Patentverletzung gegen Biolase ein und verlangte Schadensersatz in Höhe von mindestens 59.000.000 USD.
- Potential acquisition of Biolase assets for $14 million, expanding Sonendo's market presence
- Expected cross-selling opportunities and cost reduction synergies as a combined company
- Opportunity to leverage a more comprehensive technology platform
- Potential settlement of ongoing patent litigation with Biolase
- Assumption of certain operating liabilities from Biolase
- Acquisition subject to higher bids and Bankruptcy Court approval
- Potential integration challenges and costs associated with merging two companies
The Sellers, together with certain of their subsidiaries, are debtors in voluntary Chapter 11 cases before the United States Bankruptcy Court for the District of
“If the Court accepts our bid as the winning offer, Sonendo is committed to ensuring a smooth transition that delivers a continuity of support and service to all Biolase customers and their patients, as well as their suppliers and other vendors,” said Bjarne Bergheim, President and Chief Executive Officer of Sonendo. “The Sonendo team is very enthusiastic about the prospect of bringing these two organizations together. We anticipate meaningful cross-selling and significant cost reduction synergy opportunities as a combined company and that we will emerge as a stronger organization that can leverage a more comprehensive technology platform through increasingly focused specialty sales organizations to help advance our mission of saving teeth and restoring health.”
In January 2023, the Company’s wholly-owned subsidiary, PIPStek LLC, filed a patent infringement lawsuit against Biolase in the
“Sonendo has made significant investments in its proprietary technology and intellectual property position and we will continue to vigorously enforce our rights against any parties who might infringe them,” Mr. Bergheim continued.
About Biolase
Biolase is a medical device company that develops, manufactures, markets, and sells laser systems in dentistry and medicine. Biolase’s products advance the practice of dentistry and medicine for patients and healthcare professionals. As of December 31, 2023, Biolase’s proprietary laser products incorporate approximately 241 patented and 21 patent-pending technologies designed to provide biologically and clinically superior performance with less pain and faster recovery times. Biolase’s innovative products provide cutting-edge technology at competitive prices to deliver superior results for dentists and patients. Biolase’s principal products are dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications. From 1998 through December 31, 2023, Biolase has sold over 47,700 laser systems in over 80 countries around the world. Laser products under development address Biolase’s core dental market and other adjacent medical and consumer applications.
BIOLASE®, Waterlase® and Waterlase iPlus® are registered trademarks of Biolase, Inc.
About Sonendo
Sonendo is a commercial-stage medical technology company focused on saving teeth from tooth decay, the most prevalent chronic disease globally. Sonendo develops and manufactures the GentleWave® System, an innovative technology platform designed to treat tooth decay by cleaning and disinfecting the microscopic spaces within teeth without the need to remove tooth structure. The system utilizes a proprietary mechanism of action, which combines procedure fluid optimization, broad-spectrum acoustic energy, and advanced fluid dynamics, to debride and disinfect deep regions of the complex root canal system in a less invasive procedure that preserves tooth structure. The clinical benefits of the GentleWave® System when compared to conventional methods of root canal therapy include improved clinical outcomes, such as superior cleaning that is independent of root canal complexity and tooth anatomy, high and rapid rates of healing and minimal to no post-operative pain. In addition, the GentleWave® System can improve the workflow and economics of dental practices and offers patients an effective, less invasive, and less painful alternative to traditional root canal therapy.
For more information about Sonendo and the GentleWave® System, please visit www.sonendo.com. To find a GentleWave® doctor in your area, please visit www.gentlewave.com.
Forward-Looking Statements
This press release includes forward-looking statements (statements which are not historical facts) within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to: the outcome of the bankruptcy process and whether the Company will be successful in acquiring the Seller’s assets pursuant to the APA; the outcome of the
View source version on businesswire.com: https://www.businesswire.com/news/home/20241009742679/en/
Investor Contact:
Gilmartin Group
Greg Chodaczek
IR@Sonendo.com
Source: Sonendo
FAQ
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