bard agreed to buy shpi
Press Release Source: C. R. Bard, Inc.
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.
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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.
