BD Acquisition of Bard Receives Conditional Clearance From European Commission
October 18, 2017—BD (Becton, Dickinson and Company) announced clearance by the European Commission to acquire CR Bard, contingent on BD divesting its soft tissue core needle biopsy product line.
In a statement issued by the company, BD's Chairman and CEO Vincent A. Forlenza, commented, "We continue to make good progress on the Bard acquisition and the conditional clearance from the European Commission is a positive step forward. As expected, we have committed to divesting certain assets associated with our soft tissue core needle biopsy product line, which we acquired with CareFusion, to satisfy the conditions to closing requested by the European Commission. We continue to expect that the BD and Bard transaction will close in the fourth calendar quarter of 2017, subject to customary closing conditions and additional regulatory approvals, including the US Federal Trade Commission and other regulatory bodies."
In April 2017, the companies announced a definitive agreement under which BD will acquire Bard for $317 per Bard common share in cash and stock, for a total consideration of $24 billion.
BD's portfolio includes products in the fields of medical research and genomics, diagnosis of infectious disease and cancer, medication management, infection prevention, surgical and interventional procedures, and the management of diabetes. BD is headquartered in Franklin Lakes, New Jersey.
CR Bard is a developer, manufacturer, and marketer of technologies in the fields of vascular, urology, oncology, and surgical specialty products. CR Bard is based in Murray Hill, New Jersey. Bard Peripheral Vascular, a division of CR Bard, manufactures and markets devices for the treatment of peripheral and coronary artery diseases.
BD expects to create a third segment within the company—BD Interventional—where the Bard businesses will report both operationally and financially.