MURRAY HILL, N.J.--(BUSINESS WIRE)--Dec. 7, 2007--C. R. Bard, Inc.
(NYSE: BCR) today announced that it has signed an agreement to acquire
the assets of the LifeStent(R) product family from Edwards
Lifesciences Corporation, headquartered in Irvine, California. The
transaction includes cash payments of approximately $74 million upon
closing and up to an additional $65 million on the achievement of
certain milestones including regulatory approvals. Bard's Peripheral
Vascular division, located in Tempe, Arizona, will assume marketing
responsibility for the product. The company expects to close the
transaction following the satisfaction of customary conditions,
including Hart-Scott-Rodino clearance.
Edwards Lifesciences recently completed the one-year follow-up of
206 patients in a randomized trial named RESILIENT. In the study, the
LifeStent(R) device was compared to standard percutaneous transluminal
angioplasty (PTA) in the treatment of superficial femoral artery (SFA)
and proximal popliteal stenotic disease. At one year, the PTA plus
stenting arm of the study demonstrated clear superiority with 80
percent primary patency compared to 38 percent patency in the PTA only
arm. These results were highly statistically significant (p less than
0.0001). Additionally, in the SFA, the LifeStent(R) device was found
to have a low fracture rate of only 2.9 percent at one year. Edwards
Lifesciences has submitted a Pre-Market Approval application to the
United States Food and Drug Administration (FDA) and is currently
responding to the Agency's follow-up questions. The LifeStent(R)
product family is currently available in the United States for biliary
Timothy M. Ring, chairman and chief executive officer, commented,
"The acquisition of the LifeStent(R) product family is a significant
strategic addition to our portfolio of non-coronary stent and stent
graft products. Pending FDA approval, the LifeStent(R) SFA product,
the Flair(TM) Arteriovenous Access Stent Graft and E-Luminexx(TM)
Iliac Stent will together give Bard one of the broadest product
offerings for peripheral vascular stenting."
Excluding the impact of a charge for purchased research and
development, the company expects this transaction to have a negligible
effect on earnings in 2008 and be accretive thereafter. Bard will
further discuss the LifeStent(R) acquisition, along with financial
guidance for 2008, at its annual investor meeting scheduled for
Tuesday, December 18, 2007 in New York City.
C. R. Bard, Inc., (www.crbard.com) headquartered in Murray Hill,
N.J., is a leading multinational developer, manufacturer and marketer
of innovative, life-enhancing medical technologies in the fields of
vascular, urology, oncology and surgical specialty products.
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995,
which are based on management's current expectations, the accuracy of
which is necessarily subject to risks and uncertainties. These
statements are not historical in nature and use words such as
"anticipate", "estimate", "expect", "project", "intend", "forecast",
"plan", "believe", and other words of similar meaning in connection
with any discussion of future operating or financial performance. Many
factors may cause actual results to differ materially from anticipated
results including product developments, sales efforts, income tax
matters, the outcomes of contingencies such as legal proceedings, and
other economic, business, competitive and regulatory factors. The
company undertakes no obligation to update its forward-looking
statements. Please refer to the Cautionary Statement Regarding
Forward-Looking Information in our September 30, 2007 Form 10-Q/A for
more detailed information about these and other factors that may cause
actual results to differ materially from those expressed or implied.
LifeStent is a trademark of Edwards Lifesciences AG and registered
in the United States Patent and Trademark Office.
CONTACT: For C. R. Bard, Inc.
Eric J. Shick, 908-277-8413
Vice President, Investor Relations
Holly P. Glass, 703-754-2848
Vice President, Government and Public Relations
SOURCE: C. R. Bard, Inc.