CR Bard operates as a medical device company. The company said it would purchase Rochester Medical Inc. for around USD262 million. Rochester is a manufacturer of urinary retention and incontinence products. The acquisition would be CR Bard's move to boost its presence in the urology homecare market. Rochester Medical products include disposable medical catheters. These are used by patients who were hospitalized and have problems with urinary retention and incontinence outside the healthcare facility.
Bard would pay Rochester Medical USD20 a share piece. This would represent 45% premium to the last closing of its stock. The shares of Rochester Medical had increased 44% in premarket trading last Wednesday.
Bard Chief Executive Timothy Ring said, "We believe that strengthening our position in the home care market, and specifically the large and fast-growing intermittent self-catheter segment, is strategically important at this time." According to Bard, an estimated 1.1 billion individuals would be affected by bladder and urinary tract infection globally in 2018.
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