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$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.
$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.
$BDX reported quarterly revenues of $3.166Bil for 4Q17, down 2% YoY, primarily due to the divestiture of the Respiratory Solutions business that was completed in October 2016. On a comparable, currency-neutral basis, revenues for the quarter grew 4.4%.
Medical technology company $BDX reported a jump in 4Q17 net income to $289MM, or $1.24 per share, compared to last year's $19MM, or $0.09 per share. This increase is primarily due to restructuring and other charges incurred in the prior-year due to the acquisition of CareFusion. On an adjusted basis, EPS grew 13.2% to $2.40.
Medical technology company $BDX has named Timothy M Ring and David F Melcher to its BoD, following completion the company’s acquisition of CR Bard Inc. Ring has been serving as Chairman and CEO of Bard since August 2003. Melcher, also a director of Bard, is President and CEO of the Aerospace Industries Association.
$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 received 510(k) clearance from the FDA for the BD FACSLyric flow cytometer system, an easy-to-use in vitro diagnostic (IVD) system, for use with BD Multitest assays for immunological assessment of individuals and patients having or suspected of having immune deficiency.
$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 now expects FY17 EPS of $7.73-7.83, which represents growth of about 72-74%. On a currency-neutral basis, $BDX still sees adjusted EPS of $9.70-9.80, which includes an estimated 1.5 points of dilution related to the Respiratory Solutions divestiture. Including negative foreign current impact, $BDX still sees adjusted EPS of $9.35-9.45.
$BDX still expects FY17 revenue to decrease 3.5-4%, primarily due to the divestiture of the Respiratory Solutions business. The company continues to estimate that revenues for FY17 to increase 4.5-5.0% on a comparable, currency-neutral basis that excludes Respiratory Solutions and other divestitures that closed in FY16.
As a result of transformation in the U.S. dispensing business within Medication Management Solutions, $BDX's accounting for revenue recognition will change to reflect the new dispensing business model. $BDX sees an unfavorable impact to FY17 of about $50-60MM to revenues and about $0.20-0.25 to adjusted EPS.