Medrad, an affiliate of Bayer HealthCare, today announced plans to acquire Possis Medical in a cash tender offer for approximately $361 million. The two companies expect the deal to close in the first quarter.
The proposed combination of Medrad, a provider of contrast injection systems used to diagnose cardiovascular and other diseases, and Possis Medical, a provider of mechanical thrombectomy devices used to treat narrowed or blocked arteries and veins, underscores Medrad’s commitment to the treatment of patients in the growing cardiovascular intervention field, according to the Warrendale, Pa.-based Medrad.
“This merger will capitalize on both companies’ strengths to deliver growth in our current markets, and create a formidable cardiovascular portfolio in the future,” said John P. Friel, Medrad president and CEO. “We welcome Possis Medical as the cornerstone of Medrad’s cardiovascular strategy. It is a truly compatible partnership in terms of product performance, company growth and employee culture.”
According to Possis Medical President and CEO Robert G. Dutcher, the agreement establishes an expansive footprint in the cardiovascular intervention field and empowers the combined organization to offer a broader, more comprehensive suite of products and an exceptional level of service to its customers.
“Our shared history of innovation bodes well for product development beyond our core businesses, and provides tremendous opportunity for growth for our business and employees. In addition, Medrad will enable us to broaden our geographic reach without adding infrastructure,” Dutcher said.