BARD(CR) : Bard Announces Agreement to Acquire Medivance, Inc.
10/25/2011| 04:15pm US/Eastern
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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.
This press release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, which
are based on management's current expectations, the accuracy of which is
necessarily subject to risks and uncertainties. These statements are not
historical in nature and use words such as "anticipate", "estimate",
"expect", "project", "intend", "forecast", "plan", "believe", and other
words of similar meaning in connection with any discussion of future
operating or financial performance. Many factors may cause actual
results to differ materially from anticipated results including product
developments, sales efforts, income tax matters, the outcomes of
contingencies such as legal proceedings, and other economic, business,
competitive and regulatory factors. The company undertakes no obligation
to update its forward-looking statements. Please refer to the Cautionary
Statement Regarding Forward-Looking Information in our June 30, 2011
Form 10-Q for more detailed information about these and other factors
that may cause actual results to differ materially from those expressed
or implied.
C. R. Bard, Inc.
Investor Relations:
Todd
W. Garner, 908-277-8065
Vice President, Investor
Relations
or
Media Relations:
Scott
T. Lowry, 908-277-8365
Vice President and Treasurer
© Business Wire 2011
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