With the significant increase in market access, I view this combination as quite positive.
In my view, there is every reason to believe that those tasked with management of the PMTI/G joint venture will proceed exactly as they had been toward product development and distribution, given the inevitability of light-based hair removal products in the consumer market, not to mention their JV contract.
What makes you think that a bigger, stronger entity would be detrimental to the joint venture?
Any of a number of reasons this could be problematic. P&G no doubt already has work underway with competitor(s) of PMTI to offer home products of its own in this realm. They may decide it's best to scuttle the PMTI project and focus on what they at P&G have decided is the best path to a home laser product with one of these other companies. There is just no way to know whether this is good for PMTI. Could be rather bad, in fact.