C. R. Bard (BCR) to Acquire Neomend in $140M Deal
Tweet Send to a FriendGet Alerts BCR Hot Sheet
Price: $110.63 -0.37%
Overall Analyst Rating:
NEUTRAL (
Down)
Dividend Yield: 0.8%
EPS Growth %: -10.6%
Overall Analyst Rating:
NEUTRAL (
Down)Dividend Yield: 0.8%
EPS Growth %: -10.6%
Trade BCR Now!
C. R. Bard, Inc. (NYSE: BCR) entered into a definitive agreement to acquire privately-held Neomend, Inc., a leading developer and supplier of sprayable surgical sealants and anti-adhesion products for a purchase price of $140 million paid at closing and future contingent payments up to an additional $25 million based on specific revenue-based milestones through 2016. The transaction is structured as a merger and upon completion this acquisition will significantly expand the business opportunities for Bard surgical specialties in the Davol subsidiary.
Neomend markets the Progel® Air Leak Sealant, which is the only FDA-approved product available for intraoperative sealing of air leaks following lung resection and has a CE mark for lung sealing and as an anti-adhesion barrier. This technology has a robust pipeline of potential future clinical indications that are designed to reduce costly post-operative complications across a variety of surgical specialties. The existing global market for surgical sealants and adhesion barrier products is over $1 billion and this acquisition will provide Bard a leading technology platform to begin its participation in this dynamic market segment.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Neomend markets the Progel® Air Leak Sealant, which is the only FDA-approved product available for intraoperative sealing of air leaks following lung resection and has a CE mark for lung sealing and as an anti-adhesion barrier. This technology has a robust pipeline of potential future clinical indications that are designed to reduce costly post-operative complications across a variety of surgical specialties. The existing global market for surgical sealants and adhesion barrier products is over $1 billion and this acquisition will provide Bard a leading technology platform to begin its participation in this dynamic market segment.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- FT Fed Writer Tells Market to 'Chill Out' on Fed Tapering Nervousness
- Met Coal Prices Near Bottom; Q313 Catalyst for Production Cuts (ANR) (ACI) (CNX)
- StreetInsider.com Pre-Open Movers 6/13: (BLC) (GCI) (SWY) Higher; (SGOC) (SIGM) (ELN) Lower (more...)
Create E-mail Alert Related Categories
Market Check
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
