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European authorities approve BD acquisition of Bard

Fri, 10/20/2017 - 10:47
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BD (Becton, Dickinson and Company) proposed US$24 billion acquisition of CR Bard has been approved by the European Commission, contingent on BD divesting its soft tissue core needle biopsy product line. The agreement has been unanimously approved by the Boards of Directors of both companies. The combination will create a highly differentiated medical technology company ‘uniquely’ positioned to improve both the process of care and the treatment of disease for patients and healthcare providers, the companies announced.

"We continue to make good progress on the Bard acquisition and the conditional clearance from the European Commission is a positive step forward," said Vincent A Forlenza, chairman and CEO of BD. "As expected, we have committed to divesting certain assets associated with our soft tissue core needle biopsy product line, which we acquired with CareFusion, to satisfy the conditions to closing requested by the European Commission. We continue to expect that the BD and Bard transaction will close in the fourth calendar quarter of 2017, subject to customary closing conditions and additional regulatory approvals, including the U.S. Federal Trade Commission and other regulatory bodies."