Adam Putz April 24, 2017
Becton Dickinson (NYSE: BDX) has agreed to acquire fellow New Jersey-based medical technology provider C.R. Bard (NYSE: BCR), a maker of oncological, vascular and surgical devices, for $317 per share in cash and stock, representing total consideration of $24 billion and a 25% premium to Bard's closing stock price last Friday. The transaction will create a business with a market cap of some $60 billion.
The acquisition is the latest in a series of high-profile M&A deals in the healthcare devices & supplies space, as companies seek to address increased pricing pressure and enlarge their footprints. But it may be a phenomenon focused on the top end of the market.
Dealmaking in the industry has cooled since 2014, declining from 311 completed transactions to 247 last year, with 2017 so far off to another slow start. Overall, more than 1,900 European and North American companies have been involved in 1,955 M&A deals since the start of 2010, according to the PitchBook Platform.
For Bard, healthcare mergers are a road well traveled: The company has completed 12 M&A transactions in healthcare devices & supplies since the start of 2010, enough to make our list of the most prolific M&A players in the space:
1. Medtronic (34)
2. Hanger (25)
3. Stryker (23)
4. Boston Scientific (17)
5. Covidien (15)
6. Zimmer Biomet (14)
7. C.R. Bard (12)