Medical device maker Medrad Inc. said today it agreed to acquire Possis Medical Inc. for $361 million deal, with a tender offer for Possis to begin within 10 days.
Under terms of the agreement, Marshall Township-based Medrad is offering $19.50 a share, a 39 percent premium to Possis Medical's share price for the month prior to Feb. 8.
"This merger will capitalize on both companies' strengths to deliver growth in our current markets, and create a formidable cardiovascular portfolio for the future," said Medrad President and CEO John P. Friel, in a statement. "We welcome Possis as the cornerstone of Medrad's cardiovascular strategy."
Based in the Minneapolis suburb of Coon Rapids, Possis posted revenue of $67 million for the fiscal year ended July 31. Its primary product is the AngioJet Rheolytic Thrombectomy System, used to destroy a blood clot, known as a thrombus.
A subsidiary of Bayer AG, Medrad manufactures medical devices and provides services than enable and enhance imaging procedures of the body. Its products include vascular injection systems, magentic resonance, MRI, surface coils and patient care products, and equipment services.
Total 2006 revenue was $478 million.
Earlier this month, Medrad celebrated the grand opening of its new $45 million, 120,000-square-foot manufacturing facility in Clinton, Butler County. It joins the company's headquarters operations in Marshall and another manufacturing plant in Indiana Township.
SOURCE: Pittsburgh Tribune-Review