C. R. Bard, Inc. (NYSE: BCR) today announced that it has reached a definitive agreement to acquire Medivance, Inc. for a purchase price of approximately $250 million. The transaction will be structured as a merger subject to the satisfaction of customary conditions, including Hart-Scott-Rodino clearance. Upon completion of the merger, the Medivance organization will become part of Bard Medical division.
Medivance, located in Louisville, Colorado, is the market leader in the field of therapeutic hypothermia. In recent years, accurate manipulation of body temperature to targeted levels has emerged as an effective treatment option for a variety of critically ill patients. The American Heart Association, The American Stroke Association, The Brain Trauma Foundation and various international medical associations have issued therapeutic hypothermia guidelines as the clinical data supporting Targeted Temperature Management™ has grown. Medivance’s Arctic Sun® family of products provides clinicians with a powerful technology to effectively manage patient temperature in a non-invasive manner.
Timothy M. Ring, chairman and CEO, commented, “With their unique and proprietary technology, Medivance is the market leader in an emerging and growing space. This merger is a great strategic fit for Bard as Medivance’s Targeted Temperature Management™ product line is synergistic with our critical care sales call point, and their technology efficiently addresses a large unmet need in a market that is growing double digits. This acquisition represents an important building block for our critical care product offering.”
Based on the anticipated completion of the merger in the fourth quarter of 2011, Bard expects the dilution impact to be immaterial to earnings per share in 2011.
C. R. Bard, Inc. (www.crbard.com), headquartered in Murray Hill, NJ, is a leading multinational developer, manufacturer and marketer of innovative, life-enhancing medical technologies in the fields of vascular, urology, oncology and surgical specialty products.
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