Becton, Dickinson and Company (NYSE: BDX) has agreed to sell its ophthalmic systems unit, as well as the surgical blades, critical care and extended dwell catheter product platforms of the medical surgical systems unit, to RoundTable Healthcare Partners, a private equity firm. The financial terms of the agreements were not disclosed.
"This sale will enable BD to focus resources and management attention on opportunities which are a preferred strategic fit with the BD Medical strategy, which focuses on parenteral medication delivery," says BD Chairman and CEO Edward Ludwig in a statement. "We are pleased that we found in RoundTable a buyer committed to the success of these sound businesses, which provide value to customers."
The investment in the ophthalmic systems business unit will be the fifth platform from RoundTable's Fund II and the ninth in its current portfolio, joining five other medical device and three pharmaceutical entities. Its product offering consists of well-established brand names, including Beaver blades and Visitec cannulas and instruments, with leadership positions in the single-use ophthalmic device marketplace.
"The acquisition of the Ophthalmic Systems business unit represents a highly strategic opportunity for RoundTable," says Joseph Damico, founding partner and co-chairman of RoundTable. "The ophthalmology market is highly attractive and poised for growth with the aging demographics and the development of new technologies."
RoundTable's portfolio company, Aspen Surgical Products, will acquire the Bard-Parker surgical blades and scalpels business as part of the deal. BD is a leading global medical technology company that develops, manufactures and sells medical devices, instrument systems, and reagents. "The acquisition of the Bard-Parker surgical blades and scalpels business will advance our strategy of becoming a leading provider of patient and staff safety products to the operating room," says Aspen CEO Greg Pritchard. Aspen also will acquire a facility in Las Piedras, Puerto Rico dedicated to manufacture of the Bard-Parker product line.
Meanwhile, another RoundTable portfolio company, Argon Medical Devices, will obtain BD's critical care systems product platform consisting of blood pressure monitoring devices, and central venous, pulmonary artery and extended dwell catheters.
The transaction is expected to be completed by Sept. 30, subject to customary closing conditions.
- read the BD release
- check out the RoundTable Healthcare release
- get the Roundtable release on the Argon deal
- see the ophthalmic business sale release