Bard set to acquire Medivance

Bard has announced that it has reached a definitive agreement to acquire Medivance for roughly $250 million (157 million pounds).

The deal has been structured as a standard merger and will be subject to the normal regulatory approvals.

Bard, which specialises in healthcare delivery, will incorporate Medivance into its organisation following approval as part of its Bard Medical division.

Commenting on the acquisition, Timothy Ring, chairman and chief executive officer of Bard, said: "With their unique and proprietary technology, Medivance is the market leader in an emerging and growing space.

"This merger is a great strategic fit for Bard."

He added that, in particular, Medivance's Targeted Temperature Management product line addresses a number of unmet needs in the marketplace and so will prove to be a solid foundation for future critical care product growth at Bard.

Recently, Bard's senior vice-president and chief financial officer Todd Schermerhorn announced that he will be retiring in 2012 after more than 26 years with the company.