Healthcare Industry News: Bard
News Release - December 7, 2007
Bard Signs Agreement to Acquire LifeStent(R) from Edwards LifesciencesMURRAY HILL, N.J.--(HSMN NewsFeed)--C. R. Bard, Inc. (NYSE: BCR ) today announced that it has signed an agreement to acquire the assets of the LifeStent® product family from Edwards Lifesciences Corporation, headquartered in Irvine, California. The transaction includes cash payments of approximately $74 million upon closing and up to an additional $65 million on the achievement of certain milestones including regulatory approvals. Bard’s Peripheral Vascular division, located in Tempe, Arizona, will assume marketing responsibility for the product. The company expects to close the transaction following the satisfaction of customary conditions, including Hart-Scott-Rodino clearance.
Edwards Lifesciences recently completed the one-year follow-up of 206 patients in a randomized trial named RESILIENT. In the study, the LifeStent® device was compared to standard percutaneous transluminal angioplasty (PTA) in the treatment of superficial femoral artery (SFA) and proximal popliteal stenotic disease. At one year, the PTA plus stenting arm of the study demonstrated clear superiority with 80 percent primary patency compared to 38 percent patency in the PTA only arm. These results were highly statistically significant (p<0.0001). Additionally, in the SFA, the LifeStent® device was found to have a low fracture rate of only 2.9 percent at one year. Edwards Lifesciences has submitted a Pre-Market Approval application to the United States Food and Drug Administration (FDA) and is currently responding to the Agency’s follow-up questions. The LifeStent® product family is currently available in the United States for biliary indications only.
Timothy M. Ring, chairman and chief executive officer, commented, “The acquisition of the LifeStent® product family is a significant strategic addition to our portfolio of non-coronary stent and stent graft products. Pending FDA approval, the LifeStent® SFA product, the Flair™ Arteriovenous Access Stent Graft and E•Luminexx™ Iliac Stent will together give Bard one of the broadest product offerings for peripheral vascular stenting.”
Excluding the impact of a charge for purchased research and development, the company expects this transaction to have a negligible effect on earnings in 2008 and be accretive thereafter. Bard will further discuss the LifeStent® acquisition, along with financial guidance for 2008, at its annual investor meeting scheduled for Tuesday, December 18, 2007 in New York City.
C. R. Bard, Inc., (www.crBard.com) headquartered in Murray Hill, N.J., 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 September 30, 2007 Form 10-Q/A for more detailed information about these and other factors that may cause actual results to differ materially from those expressed or implied.
LifeStent is a trademark of Edwards Lifesciences AG and registered in the United States Patent and Trademark Office.
Source: C. R. Bard
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