Bard Acquires Hernia Repair Fixation System
MURRAY HILL, N.J., July 1, 2004 - BUSINESS WIRE - C. R. Bard, Inc. (NYSE: BCR - News) today announced that it has acquired substantially all of the assets of Onux Medical, Inc., including the Salute® surgical fixation system. Onux is located in Hampton, New Hampshire. Bard's Davol subsidiary, located in Cranston, Rhode Island, will market the product. Terms of the transaction were not disclosed.
The Salute system is used to fixate prosthetic mesh in place during laparoscopic hernia repair procedures. Fixation is achieved using innovative, proprietary technology to form discrete stainless steel rings. There are approximately 350,000 laparoscopic hernia repair procedures performed annually around the world. The current global market for hernia fixation devices is estimated at $100 million, growing at a double-digit rate. Bard is the leader in the prosthetic mesh market for hernia repairs.
Timothy M. Ring, chairman and chief executive officer, commented, "The Salute fixation system from Onux is a natural clinical complement to our successful line of hernia mesh products. It will further extend our technology leadership position as the full-line provider of hernia repair solutions. This transaction is indicative of our strategy to acquire early stage products and technologies in higher growth markets."
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.
C. R. Bard, Inc.
C. R. Bard, Inc.
Source: C. R. Bard, Inc.