Spire Corp., planning to get out of the medical device industry to focus on solar energy, agreed to sell its hemodialysis catheter business to Bard Access Systems Inc. for $15 million.
The Bedford, Mass.-based company said the deal, expected to close before the end of the month, will see substantially all of the assets of the seven-year-old catheter business go to Salt Lake City-based Bard, in return for $14.9 million in cash and $100,000 to two employees as compensation for non-compete contracts.
Bard also gets licensing rights for some of Spire’s surface coating technologies, which are used to make the catheters.
Spire chairman and CEO Roger Little said the deal allows his firm to focus on its core solar energy business, where it sees significant opportunity in coming years as the gap widens between solar energy demand and supply.