Bard will acquire the Neomend for a purchase price of $140 million paid at closing and future contingent payments up to an additional $25 million based on specific revenue-based milestones through 2016.
Neomend, headquartered in Irvine, Calif., is a developer and supplier of sprayable surgical sealants and anti-adhesion products. Neomend markets the Progel air leak sealant, which is the only FDA-approved product available for intraoperative sealing of air leaks following lung resection, according to the release.
“With its unique and proprietary technology, Neomend is the market leader in thoracic sealing,” said Timothy Ring, Bard’s chairman and CEO, in the release. “This merger represents a great strategic fit for us as this technology platform is an important building block for our surgical specialty product offering and is synergistic with our call point and global reach.”
C. R. Bard is headquartered in Murray Hill, N.J.
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