Bard puts a ribbon on $280M Medafor acquisition

October 4, 2013 by Arezu Sarvestani

New Jersey medical device maker C.R. Bard closes a previously announced acquisition of Medafor, a deal worth up to $280 million in cash and milestone payments.

Bard puts a ribbon on $280M Medafor acquisition

C.R. Bard (NYSE:BCR) tied a bow on its previously announced acquisition of Minnesota-based Medafor in a deal worth up to $280 million.

Officially consummated on October 1, the deal provided $200 million up-front and another possible $80 million for Medafor and its line of anti-bleeding agents.

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The companies announced the deal in August, with Bard saying it planned to use the merger to expand its Davol subsidiary's reach into the operating suite.

"Medafor has a robust pipeline of potential future products that we expect will expand the use of this clinically proven and effective hemostat to control bleeding," the company said at the time, adding that it expected to add about 1% to its revenue growth forecast for 2014.

BCR shares were up 0.8% today, trading at $115.79 as of about 1:45 p.m.