Murray Hill, NJ-based C.R. Bard ($BCR) has reached an agreement to buy Medivance for roughly $250 million. Louisville, CO-based Medivance will become part of the Bard Medical division upon the completion of the merger.
Medivance specializes in the field of therapeutic hypothermia. Its Arctic Sun family of products gives doctors the technology to manage patient temperature in a non-invasive manner.
"With their unique and proprietary technology, Medivance is the market leader in an emerging and growing space," explained Bard CEO Timothy Ring in a statement. "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."
Roughly 100 people work for Medivance, and Robert Kline, the company's founder and CEO, said it was unclear how they would be affected. However, Bard has been supportive. "Clearly (Bard has) indicated there would be no significant changes and they value the business and the people we have," Kline said, as quoted by the Boulder Daily Camera.
News of the buy comes as Bard announced its third quarter results. It saw net sales of $719.2 million, an increase of 6% over the same period last year. Meanwhile, net sales in the U.S. were $486.5 million, an increase of 2%. Outside the U.S., net sales were $232.7 million, an increase of 17%.
- get the Bard statement on Medivance
- see the statement on the quarterly results
- check out the Boulder Daily Camera story