Bard Buys SenoRX for Nearly $200 million
by
Brendon Nafziger, DOTmed News Associate Editor | May 05, 2010
New acquisition
Device giant C.R. Bard, Inc. nabbed SenoRx, Inc. for around $200 million, acquiring a suite of breast cancer treatment products, Bard announced Wednesday.
In the deal approved by the boards of both companies, Irvine, Calif.-based SenoRx goes for $11 per share, 13.6 percent higher than its closing price of $9.68 on Nasdaq on Tuesday.
"The SenoRx acquisition represents a very compelling strategic opportunity for Bard, enabling us to provide customers leadership products across all breast biopsy and marker segments," Bard's chairman and CEO Timothy M. Ring said in a statement.
In 2009, SenoRX had revenues of $55.6 million, according to Bard. The purchase lets Bard get their hands on a stereotactic X-ray and MRI-guided breast biopsy product EnCor, as well as balloon catheters for breast cancer treatment and a breast tissue marker.
Once the purchase is completed, SenoRx organization will join CR Bard's Peripheral Vascular division, the company said.
A little past noon on Wednesday, SenoRx's shares had jumped around 12.4 percent, to $10.88 on Nasdaq. Murray Hill, N.J.-based Bard, which expects a 3 to 6 cent hit per share after adjustments to its 2010 earnings because of the purchase, was holding steady at $85.52 per share on the New York Stock Exchange.
