SenoRx to Join Forces with C.R. Bard

SenoRx (Irvine, CA, USA), which develops, manufactures, and sells minimally invasive medical devices for the diagnosis and treatment of breast cancer, has announced it has entered into a definitive merger agreement with C.R. Bard (Murray Hill, NJ, USA), a leading multinational developer, manufacturer, and marketer of medical technologies in the fields of urology, oncology, vascular, and surgical specialty products.

Under the terms of the merger agreement, SenoRx stockholders will receive US$11 in cash for each share that they hold at the closing of the merger, or approximately $213 million in the aggregate. The acquisition, which was unanimously approved by the SenoRx board of directors, is subject to certain closing conditions specified in the definitive agreement, including both regulatory approvals and the approval of SenoRx's stockholders. The transaction is expected to close in the third quarter of 2010.

The principal products developed by SenoRx are a vacuum-assisted breast biopsy system and the Contura multilumen balloon (MLB) catheter, used to deliver radiation to the tissue surrounding the lumpectomy cavity following surgery for breast cancer. The company's line of breast care products also includes biopsy disposables, biopsy capital equipment, diagnostic adjunct products, and therapeutic disposables. SenoRx is developing additional minimally invasive products for the diagnosis and treatment of breast cancer.

"Our agreement with Bard represents an attractive valuation for SenoRx shareholders, and as an all-cash offer, provides liquidity for shareholders,” said John Buhler, SenoRx president and CEO. "We believe the merger represents a great opportunity for the combined companies to create product leadership by offering a broader range of high-quality breast care products to our customers.”

"The SenoRx acquisition represents a very compelling strategic opportunity for Bard, enabling us to provide customers leadership products across all breast biopsy and marker segments in addition to providing Bard its first therapeutic device for site-specific partial breast irradiation after lumpectomy procedures,” said Timothy M. Ring, chairman and CEO of C.R. Bard. "SenoRx brings significant product innovation in breast care and we are confident that the combination will result in positive benefits for hospitals, doctors, and patients.”

Breast cancer is the second leading cause of cancer death in women, with early diagnosis critical to survival. Various imaging technologies are used to locate and biopsy suspicious lesions that could be cancerous, with the most common being stereotactic (X-ray-based), magnetic resonance imaging (MRI) and ultrasound. The acquisition of SenoRx will expand Bard's business beyond its current portfolio of products used in ultrasound-guided procedures to include breast biopsy devices designed to work in each of these imaging modalities.

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