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Home Industry News Bayer affiliate to merge with Possis Medical

Bayer affiliate to merge with Possis Medical

12th February 2008

Bayer HealthCare has announced that its affiliate company Medrad has signed a definitive merger agreement with Possis Medical.

Under the terms of the agreement, Medrad will acquire Possis Medical for a total consideration of $361 million (185.5 million pounds), equal to $19.50 per share.

Bayer reports that this sum represents a premium of 39 per cent over the company’s average closing price for the month prior to February 8th 2008 and the board of Possis Medical has unanimously approved the deal and resolved to recommend it to its shareholders.

The deal has been structured as a tender offer, which both companies will commence within the next ten business days, followed by a merger.

John P Friel, president and chief executive officer of Medrad, said: “This merger will capitalise on both companies’ strengths to deliver growth in our current markets and create a formidable cardiovascular portfolio in the future.”

He added that the firm welcomed Possis Medical as the foundation of its cardiovascular strategy, believing the firms to be truly compatible in terms of employee culture, company growth and product performance.

In July 2006, Bayer HealthCare announced that it would sell its diagnostics division to Siemens AG after a 4.2 billion euros (2.9 billion pound) fee was agreed by the firms.

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