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$BCR reported 3Q15 net loss of $1.16 per diluted share compared to an income of $1.69 in 3Q14, reflecting a charge for estimated costs related to product liability matters. Net sales increased 4% to $865.7MM from the prior-year period on an as-reported basis. Excluding the impact of FX, net sales increased 8% over the prior-year period.
$BDX completed the acquisition of $BCR. Under the terms of the transaction, Bard became a wholly owned subsidiary of $BDX, and each outstanding share of Bard common stock was converted to the right to receive $222.93 in cash without interest, and 0.5077 of a share of $BDX common stock. Bard shares will cease trading and be delisted from the NYSE.
$BDX gets clearance from the Ministry of Commerce of the People's Republic of China (MOFCOM) to acquire $BCR. BD and Bard expect the proposed acquisition to close on Dec. 29. Separately, BD's proposed divestiture of its soft tissue core needle biopsy product line to Merit Medical is conditioned on MOFCOM approval of Merit as the purchaser.
$MMSI signed purchase agreement with $BDX for divestment assets in connection with its proposed acquisition of $BCR. $MMSI expects the acquisition to provide incremental annual revenues of $42-48MM, and adjusted gross margins for the subject product lines of 60-70%. $MMSI expects deal to provide $0.10-0.19 in adjusted EPS accretion in FY18.
$MMSI signed an asset purchase agreement with $BDX to buy certain assets which $BDX proposes to sell in connection with its proposed acquisition of $BCR. $MMSI proposes to buy the Aspira Pleural Effusion Drainage Kits and the Aspira Peritoneal Drainage System currently marketed by $BCR. The purchase price is $100MM.
$BCR declared a regular quarterly dividend of $0.26 per share on its common stock. In connection with the pending merger with Becton, Dickinson & Company, the quarterly dividend will be payable on December 29, 2017 to shareholders of record on December 8, 2017.
$BCR and $BDX have announced that they have received the approval of $BCR’s shareholders for the proposed acquisition of $BCR by $BDX in a stock and cash transaction. The proposed transaction remains subject to other conditions and approvals, and is presently expected to close in the fourth calendar quarter of 2017.
$BDX and $BCR received a request for additional information from the Federal Trade Commission in connection with BD's pending acquisition of C.R. Bard. In April 2017, BD agreed to buy Bard in a $24Bil transaction. Both companies expect to get regulatory approvals and close the transaction in the fall of 2017.
$BDX appointed Tom Polen as president of $BDX, effective immediately. In his new role, Mr. Polen will oversee all of BD's operating segments, the Medical and Life Sciences segments, as well as the new Interventional segment, which will include the $BCR businesses following the close of $BDX's acquisition of $BCR.
$BDX agreed to buy $BCR. About $300MM of annual, pre-tax, run-rate cost synergies are expected by FY20. $BDX also expects to benefit from revenue synergies beginning in FY19. This is expected to improve $BDX's gross margins by about 300 basis points in FY18, increase $BDX's EPS growth trajectory to the mid-teens, and generate strong cash flow.
$BDX agreed to buy $BCR. $BCR common shareholders will be entitled to receive about $222.93 in cash and 0.5077 shares of $BDX stock per $BCR share, or a total of value of $317.00 per $BCR common share. This will be immediately accretive and is expected to generate high-single digit accretion to adjusted EPS in FY19.
$BDX agreed to buy $BCR for $317 per share in cash and stock, for a total consideration of $24Bil. The agreement has been unanimously approved by BoDs of both companies. The transaction is expected to close in the fall of 2017. At closing, $BCR shareholders will own about 15% of the combined company.
$BCR expects 2017 net sales growth of 4-5% on an as-reported basis. Excluding the impact of foreign exchange, net sales are predicted to increase 6-6.5% over 2016. EPS, after adjusting for amortization of intangibles and certain items, are expected to be $11.45-11.75, representing 11-14% growth over 2016.
$BCR reported a rise in 4Q16 earnings driven by higher sales from its four businesses. Net income rose to $159.6MM or $2.11 per share from $136.3MM or $1.79 per share last year. Sales grew to $967.1MM from $870.8MM. Adjusted EPS increased to $2.77 from $2.43.
The BoD of $BCR declared a regular quarterly dividend of $0.26 per share on its common stock. The current indicated annual dividend rate is $1.04 per share. The dividend is payable on Feb. 3, 2017 to shareholders of record at the close of business on Jan. 23, 2017.
Medical device maker $BCR said, in its BioSurgery division, the company is preparing for the launch of its Tridyne aortic sealant and expects to launch the product in 1Q17. It also plans to launch its Progel Emerald lung sealant -- designed to improve visibility during minimally invasive and robotic thoracic surgery -- in 2Q17.