CR Bard will buy Rochester Medical for about $262MMURRAY HILL, N.J. (AP) — Medical device maker C.R. Bard said Wednesday it will buy urology products maker Rochester Medical for about $262 million.
MURRAY HILL, N.J. (AP) — Medical device maker C.R. Bard said Wednesday it will buy urology products maker Rochester Medical for about $262 million.
Rochester Medical makes catheters and other products that men with urinary incontinence can use at home. Bard said the deal will expand its homecare urology products business, and it expects the deal to close later this year.
C.R. Bard Inc. is paying $20 per share for Rochester Medical Inc., a 44.8 percent premium to its closing price Tuesday of $13.81. Rochester Medical shares rose $6.06, or 43.9 percent, to $19.87 in morning trading Wednesday.
Bard, based in Murray Hill, N.J., had $2.96 billion in revenue in 2012, including $757.8 million from its urology business. Rochester Medical, based in Stewartville, Minn., had $61.1 million in revenue in its latest fiscal year.
C.R. Bard shares rose $1.32 to $115.98 in morning trading. The stock reached an all-time high of $117.54 on Aug. 9.