Medical technology manufacturer C. R. Bard Inc. announced Wednesday that it has reached a definitive agreement to acquire Medivance, Inc. for 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's Arctic Sun family of therapeutic hypothermia products was of particular interest to Bard, which specializes in technologies in the fields of vascular, urology, oncology and surgical specialty products.
"With their unique and proprietary technology, Medivance is the market leader in an emerging and growing space,” said Timothy M. Ring, Bard chairman and CEO. “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.