Novoste Corp. and MRI vendor ONI Medical Systems Inc. of Wilmington, Mass., have entered into an agreement and plan of merger.
Upon the closing of the merger, ONI will become a wholly owned subsidiary of Novoste and the combined company will be renamed ONI Medical Systems Inc. The existing management of ONI will become the management of the combined company. The board of directors of the combined company will include a majority of independent directors. Closing of the transaction is expected to occur during the third quarter of 2005.