Bard to Acquire SenoRx
C. R. Bard, Inc. (BCR - Snapshot Report) has decided to acquireSenoRx, Inc. (SENO - Snapshot Report) for a price of $11.00 per share in cash, totaling roughly $200 million, net of cash acquired. The company expects to complete the acquisition in the third quarter of fiscal 2010.
Bard expects the acquisition to dilute its fiscal 2010 earnings per share by 8 to 11 cents, and adjusted earnings per share by 3 to 6 cents.
Located in Irvine, California, SenoRx is a medical devices company engaged in the development, manufacture and sale of devices for the diagnosis and treatment of breast cancer. The company’s product line includes the MRI-guided breast biopsy systems and the EnCor stereotactic-guided systems, the Gel Mark line of breast tissue markers and the Contura balloon catheter. SenoRx primarily markets its products in the United States and Canada.
The acquisition will expand Bard’s portfolio of products. The company will be able to provide customers a wide range of products across all breast biopsy and marker segments. It has been estimated that breast cancer is the second leading cause of cancer death in women, with early diagnosis critical to survival.
Bard designs, manufactures, packages, distributes, and sells medical, surgical, diagnostic, and patient care devices worldwide. The company faces a mix of competitors ranging from large manufacturers with multiple business lines like Boston Scientific Corp. (BSX - Analyst Report) and Johnson & Johnson (JNJ -Analyst Report) to smaller manufacturers that offer a limited selection of products like Angiodynamics, Inc. (ANGO - Analyst Report).