Mentor ( MNT) made good on its promise to sell its urology-products business, announcing a deal Monday with the Danish medical-device company Coloplast for $463 million. Mentor has been seeking a buyer for the business since October. The move is part of the company's plan to concentrate on so-called aesthetics medicine, which covers breast implants, liposuction products and dermatology items. The Santa Barbara, Calif., company said it has agreed to negotiate exclusively with Coloplast, which has made a binding offer. The sale of Mentor's urology business requires regulatory approval. For the nine months ended Dec. 31, urology products produced $174.2 million in sales, or 47% of Mentor's corporate revenue. "We believe this transaction would allow us to meet our goals of enhancing shareholder value and continuing to pursue our strategy to expand our global position in the fast-growing field of aesthetic medicine," said Joshua Levine, president and CEO of Mentor. The Coloplast deal was announced after the markets had closed. In regular trading, Mentor's stock finished down 47 cents, or 1%, to $45.46. Mentor tried to make a fast expansion into aesthetic medicine when it offered $2.2 billion in stock for Medicis Pharmaceutical ( MRX) in November. Medicis rejected the offer. The bid for Medicis was one element of a four-company struggle -- also featuring Allergan ( AGN) and Inamed -- to consolidate the aesthetic-medicine field. Botox maker Allergan outbid Medicis to acquire Inamed in a deal that closed last week. Both Inamed and Mentor are still waiting for the FDA to rule on their requests that silicone-gel breast implants be approved for cosmetic uses. Although these implants are allowed for cosmetic purposes in foreign markets, the FDA restricts them in the U.S. to rare uses such as breast reconstruction after a mastectomy. Mentor received conditional approval from the FDA in July, and Inamed received a conditional clearance in September.