Bard Signs Agreement to Acquire Specialized Health Products International, Inc.
Monday March 10, 4:33 pm ET
MURRAY HILL, N.J.--(BUSINESS WIRE)--C. R. Bard, Inc. (NYSE: BCR - News) today announced that it has signed an agreement to acquire all the outstanding shares of Specialized Health Products International, Inc. (OTCBB: SHPI - News) for a purchase price of $1.00 per share in cash, totaling approximately $68 million. Bard’s Access Systems subsidiary, located in Salt Lake City, Utah, will assume marketing responsibility for the related products. The company expects to complete the transaction following approval by the shareholders of Specialized Health Products and customary closing conditions, including Hart-Scott-Rodino clearance.
Specialized Health Products manufactures and markets vascular access products, including winged infusion sets, which are used to deliver therapeutic agents through vascular access ports. Many of its devices, including the SafeStep® Huber Needle Set, are designed to reduce the risk of accidental needlesticks for both patients and clinicians. Specialized Health Products is currently an original equipment supplier of winged infusion sets to Bard.
Timothy M. Ring, chairman and chief executive officer, commented, “Infusion sets are an important component of our market-leading vascular access port line and help give Bard a full range of devices for port-based therapies. The SafeStep® technology provides a differentiated approach to reducing needlestick injuries and the associated risk of transmitting blood-borne pathogens. This acquisition represents a good strategic addition to our port franchise.”
Bard’s 2008 financial guidance remains unchanged as a result of this transaction.
C. R. Bard, Inc. (www.crbard.com), headquartered in Murray Hill, NJ, is a leading multinational developer, manufacturer and marketer of innovative, life-enhancing medical technologies in the fields of vascular, urology, oncology and surgical specialty products.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current expectations, the accuracy of which is necessarily subject to risks and uncertainties. These statements are not historical in nature and use words such as “anticipate”, “estimate”, “expect”, “project”, “intend”, "forecast", “plan", “believe”, and other words of similar meaning in connection with any discussion of future operating or financial performance. Many factors may cause actual results to differ materially from anticipated results including product developments, sales efforts, income tax matters, the outcomes of contingencies such as legal proceedings, and other economic, business, competitive and regulatory factors. The company undertakes no obligation to update its forward-looking statements. Please refer to the Cautionary Statement Regarding Forward-Looking Information in our December 31, 2007 Form 10-K for more detailed information about these and other factors that may cause actual results to differ materially from those expressed or implied.
SafeStep is a registered trademark of Specialized Health Products International, Inc.
Contact:
C. R. Bard, Inc.
Investor Relations:
Eric J. Shick, 908-277-8413
Vice President, Investor Relations
or
Media Relations:
Holly P. Glass, 703-754-2848
Vice President, Government and Public Relations
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Source: C. R. Bard, Inc.
