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Acquisition

BD completes CR Bard acquisition for US$24 billion

Bard Peripheral Vascular, a division of CR Bard, manufactures and markets devices for the treatment of peripheral and coronary artery diseases

Becton, Dickinson and Company (BD) has completed the acquisition of CR Bard, a transaction that was first announced in April 2017, for US$24 billion. The combined company, which will have approximately $16 billion in revenue, integrates Bard's 16,000 employees with BD's 65,000 employees. With completion of the acquisition, Bard became a wholly owned subsidiary of BD.

Bard Peripheral Vascular, a division of CR Bard, manufactures and markets devices for the treatment of peripheral and coronary artery diseases. Peripheral devices include the Lutonix 035 paclitaxel-coated balloon and the Atlas, Conquest, Dorado, and Ultraverse lines of percutaneous transluminal angioplasty balloons.

For coronary interventions, Bard's portfolio includes the Bard Snare retrieval kit, the Porter hydrophilic guidewire for treatment of chronic total occlusions, and the True, True Flow, Vida BAV, and Vida PTV valvuloplasty balloon catheters.

"Today is a historic day for BD as we welcome Bard and its 16,000 associates to BD," said Vincent A Forlenza, chairman and CEO. "These companies each have a legacy of more than 100 years of advancing the world of health and supporting those on the frontlines of health care. We look forward to continuing to lead the industry through innovation and partnerships that bring more valuable solutions to our customers and their patients."

Under the terms of the transaction, Bard became a wholly owned subsidiary of BD, and each outstanding share of Bard common stock was converted to the right to receive (1) $222.93 in cash without interest and (2) 0.5077 of a share of BD common stock. As a result of the completion of the acquisition, Bard shares will cease trading and will be delisted from the New York Stock Exchange.

The company continues to expect the transaction to generate low-single digit accretion to adjusted earnings per share in fiscal year 2018, and high-single digit accretion in fiscal year 2019. The company will provide an update to its full fiscal year 2018 outlook on its first fiscal quarter earnings conference call to reflect the anticipated contribution from Bard's operations through BD's fiscal year.