C. R. Bard (BCR) to Acquire Neomend in $140M Deal
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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.
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.
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