|Medrad to expand CV portfolio with Possis acquisition. Source: Possis Medical|
Medrad, an affiliate of Bayer HealthCare, 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 stenotic 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.
Medrad’s cardiovascular product lines are primarily diagnostic, while the Possis lines are primarily therapeutic, which may present potential integration in the future, Jules Fisher, chief financial officer of Possis, told CVB News.
“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.”
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, according to Robert G. Dutcher, president and CEO of Possis Medical.
Fisher said that the future plans for the companies, such as rebranding and the prospects for individual products, will not be announced until the merger, which he deemed as strategic, is complete.
“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.