MURRAY HILL, N.J.--(BUSINESS WIRE)--Sep. 4, 2013--
C. R. Bard, Inc. (NYSE:BCR) today announced that it has entered into a
definitive agreement to acquire Rochester Medical, Inc. (NASDAQ:ROCM), a
leading developer and supplier of silicone urinary incontinence and
urine drainage products, for a purchase price of $20 per share, or
approximately $262 million in the aggregate to be paid at closing,
expected to occur later this year. This transaction is structured as a
merger, has been approved by each company’s board of directors, and is
subject to customary closing conditions, including approval of the
shareholders of Rochester Medical and regulatory approvals. This
acquisition represents a compelling strategic fit for Bard and greatly
enhances its position in a $930 million global urology homecare market.
Rochester Medical’s products and technology, along with their
distribution assets and customer access programs, provide a strong
platform for a combined portfolio to compete in the global homecare
By 2018, an estimated 1.1 billion individuals worldwide will be affected
by some form of lower urinary tract or bladder outlet obstruction1.
Urinary retention and incontinence are common chronic conditions with
these patients that require product solutions outside the hospital.
In the case of urinary retention, a patient may need to self-catheterize
up to 2,000 times per year. Rochester Medical manufactures the
differentiated Magic 3® intermittent self catheters (ISC),
which are steadily gaining share in the $800 million global ISC market.
This product line incorporates an innovative multi-layer construction
specifically designed with a soft outer layer and hydrophilic coating to
reduce irritation of the urethral tissue, while having a firm inner
layer for ease of insertion.
Male urinary incontinence, which can result from radical prostatectomy,
benign prostatic hyperplasia (BPH), or aging, is also a chronic
condition typically managed with incontinence pads or male external
catheters (MECs). Rochester Medical markets an extensive line of
innovative products for these patients and currently has a product
leadership position in the $130 million global MEC market segment.
Timothy M. Ring, Bard’s chairman and CEO, commented, “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.”
Bard will hold a conference call for investors today, September 4, 2013,
beginning at 8:30 a.m. EDT to further discuss this acquisition and other
recent business development activity.
A live audio webcast of Bard's investor conference call will be
accessible to all investors through Bard’s website at http://investorrelations.crbard.com.
The recommended browser is Internet Explorer 7+. Users also should have
the most recent version of Windows Media Player™, which can be
downloaded at: http://microsoft.com/windows/windowsmedia/en/download/.
Users may experience varying levels of performance based on their
connection speed, system capabilities and the presence of a system
1 BJU International 2011 Oct;108(7):1132-8. doi:
10.1111/j.1464-410X.2010.09993.x. Epub 2011 Jan 13
C. R. Bard, Inc. (www.crbard.com),
headquartered in Murray Hill, NJ, is a leading multinational developer,
manufacturer and marketer of innovative, life-enhancing medical
technologies in the fields of vascular, urology, oncology and surgical
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. Those factors also include the
occurrence of any event, change or circumstance that could give rise to
a termination of the definitive agreement to acquire Rochester Medical,
Inc. or the failure to satisfy the conditions to completion of the
merger. The company undertakes no obligation to update its
forward-looking statements. Please refer to the Cautionary Statement
Regarding Forward-Looking Information in our June 30, 2013 Form 10-Q for
more detailed information about these and other factors that may cause
actual results to differ materially from those expressed or implied.
Source: C. R. Bard, Inc.
Todd W. Garner, 908-277-8065
President, Investor Relations
T. Lowry, 908-277-8365
Vice President and Treasurer