BD to Acquire Bard for $24 Billion


April 23, 2017—BD (Becton, Dickinson and Company) and CR Bard, Inc. 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. The agreement has been unanimously approved by the Boards of Directors of both companies. The transaction is subject to regulatory and Bard shareholder approvals and customary closing conditions, and is expected to close in the fall of 2017.

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. 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.

According to the companies' announcement, BD has put in place an integration plan with Bard. A designated integration team will be led by BD executive Bill Tozzi and composed of senior members of both organizations. Mr. Tozzi most recently served as worldwide president of the Medication and Procedural Solutions business and earlier was corporate controller for BD.

At the closing of the transaction, Tim Ring, chairman and chief executive of Bard, and an additional Bard director, are expected to join the BD Board of Directors.

BD expects to create a third segment within the company—BD Interventional—where the Bard businesses will report both operationally and financially.

In the announcement, Vince Forlenza, BD's chairman and chief executive officer, commented, "Combining with Bard will accelerate our ability to offer more comprehensive, clinically relevant solutions to customers and patients around the globe, creating a strong partner for health care providers who are increasingly focused on delivering better outcomes at a lower total cost. Our two purpose-driven organizations are well-aligned strategically, sharing a strong track record of performance and a deep commitment to addressing unmet needs in today's challenging health care environment. We expect the transaction to contribute meaningfully to BD's plans for revenue growth and margin expansion, and generate outstanding value both near- and long-term for shareholders. I am excited to welcome Bard's talented employees to our strong and dedicated team as we bring together two companies with such complementary capabilities, values and strong reputations for delivering superior results."

Bard's Tim Ring stated, "We are confident that this combination will deliver meaningful benefits for customers and patients as we see opportunities to leverage BD's leadership, especially in medication management and infection prevention. We also believe that we can expand our access to customers and patients through BD's strategic selling capabilities, and that our fast-growing portfolio in emerging markets can significantly benefit from their well-established international commercial infrastructure. Our two companies share the conviction that a product leadership strategy focused on unmet needs and improved outcomes that provide economic value to the global health care system will provide long-term shareholder returns."


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