Bard agrees takeover of Lutonix

Bard has announced that it is acquiring Lutonix, a Minnesota-based developer of innovative medical devices.

A purchase price of $225 million (143 million pounds) has been agreed for the takeover of the company, with an additional $100 million contingent on US regulatory approval of Lutonix's new drug-coated percutaneous transluminal angioplasty balloon.

The Lutonix device has already received CE Mark approval in Europe and is expected to make its market debut in the second half of 2012, offering a new option for the treatment of peripheral arterial disease.

According to Timothy Ring, chairman and chief executive officer of Bard, Lutonix offers the only third-generation drug-coated balloon technology and is making good progress to becoming the first to launch such a device in the US.

"This position of leadership in a large potential market, combined with our current market leadership in PTA, makes this acquisition a compelling strategic fit for Bard," he added.

In October 2011, Bard announced that it will also be purchasing Medivance, a leading specialist in therapeutic hypothermia, for $250 million.