As expected, C.R. Bard (NYSE:BCR) announced that it has an agreement in place to acquire Clearstream Technologies, an Ireland-based developer of catheters used in angioplasty procedures, in a deal worth about $68.5 million USD.
Murray Hill, N.J.-based Bard will pay 85 pence per share ($1.33USD) for all outstanding shares of Clearstream’s stock, an 85 percent premium on its closing price of 45.89 pence per share on the London Stock Exchange.
Clearstream, based in County Wexford, Ireland, makes catheters and stents used in angioplasty procedures.
“The acquisition of ClearStream represents a compelling strategic opportunity for Bard, enabling us to strengthen our leadership in vascular medical devices,” chairman & CEO Timothy Ring said in a statement.
Bard derives a little less than a third of its total sales from its vascular business, which produces a wide array of catheters and stents for peripheral vascular disease and heart arrhythmias. Through the first six months of 2011, Bard’s vascular business jumped 15 percent to $413 million, compared to the same period last year.
News of the merger first leaked late Monday in a report in the U.K.-based Sky news service.