Dental technology company Sonendo entered into an asset purchase agreement with Biolase to acquire its assets and subsidiaries, according to an Oct. 9 news release.
Here are six things to know:
1. Sonendo agreed to purchase "substantially all" of Biolase's assets and subsidiaries for $14 million.
2. Biolase, a dental laser manufacturer, filed for Chapter 11 protection in October after seeing a drop in revenue compared to 2023.
3. The courts still have to accept Sonendo's offer for the purchase to be official. Other bidders can still submit higher offers.
4. In January 2023, a subsidiary of Sonendo filed a patent infringement lawsuit against Biolase covering the use of laser systems and radial firing tips.
5. Sonendo filed a proof of claim with the bankruptcy court for a total of $59 million for current and ongoing damages associated with the infringement.
6. If the bid is accepted, Sonendo plans to integrate Biolase into its organization and create a smooth transition for Biolase customers and patients.