SafeStitch Medical to Merge with VC-Backed TransEnterix
SafeStitch Medical said Wednesday that it has entered into a agreement to merge with TransEnterix. According to terms of the agreement, current shareholders of SafeStitch Medical will own approximately 35% stake in the combined company while TransEnterix shareholders will own approximately 65%. The merger is expected to close in the third quarter of 2013. Perella Weinberg Partners is serving as financial advisor to TransEnterix for the transaction while Cassel Salpeter is acting as financial advisor to SafeStitch Medical. Based in Miami, Florida, SafeStitch Medical is a provider of medical devices. TransEnterix, which is backed by Aisling Capital, Intersouth Partners, Quaker BioVentures, SV Life Science Advisers, Synergy Life Science Partners and Parish Capital Advisor, is a a Morrisville, N.C.–based developer of flexible devices and robotics for minimally invasive surgery.
