by
Heather Mayer, DOTmed News Reporter | April 05, 2010
CareFusion Corporation announced today that it will purchase Medegen for $225 million in cash. The acquisition is expected to close by June 30, the end of CareFusion's fiscal 2010 year, CareFusion spokeswoman Suzanne Hatcher told DOTmed News.
Medegen, a Canadian-based company, makes needleless access valves and other products that provide intravenous medication to patients. CareFusion has a line of IV infusion devices, including the Alaris® system and Guardrails® safety software.
"Medegen is an ideal strategic fit for the Alaris® business," says Hatcher.
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The company was up for sale, and CareFusion won out over the competition, she says. The acquisition process took place at the end of last year.
The decision to purchase the company in cash was made because of CareFusion's strong $264 million cash position in the United States. "We were comfortable in the position to purchase in cash," Hatcher says.
Charles Stroupe, CEO of Medegen, says he is excited about the acquisition.
"As part of CareFusion, we have the opportunity to grow faster by making our technology available to an expanded customer base, with patients around the world benefiting," he said in a statement.
This isn't Medegen's first sale. In September 2006, the company sold its Medical Products division to Medical Action Industries. Medegen also acquired KippGroup, a supplier of IV therapy components in 2003 and Maximus Medical, a specialty IV therapy products company in 2004.
