Medical equipment manufacturer C R Bard has entered into a definitive agreement to acquire Rochester Medical, a supplier of silicone urinary incontinence and urine drainage products, for approximately $262m.
The deal which is expected to close by later this year received approval from the two companies’ board of directors.
The acquisition is subject to certain closing conditions specified in the definitive agreement, including regulatory approvals and the approval of Rochester Medical’s shareholders.
Bard chairman and CEO Timothy M. Ring noted Rochester’s double-digit growth product portfolio, including their customer access programs, is a key building block in our strategy to access faster growing markets over the long-term.
"We believe that strengthening our position in the home care market, and specifically the large and fast-growing intermittent self-catheter segment, is strategically important at this time," Ring added.
With this acquisition, Bard sees a major opportunity to grow its share in $930m global urology homecare market.