BD reported completion of its divestiture of its soft tissue core needle biopsy and Aspira pleural effusion drainage kits and peritoneal drainage system products to South Jordan, Utah-based Merit Medical Systems Inc. in a $100 million deal reported in November. (See BioWorld MedTech, Nov. 17, 2017.) The sale was closed as part of regulatory requirements tied to BD's $24 billion acquisition of Murray Hill, N.J.-based C.R. Bard Inc., which was completed in December 2017, and announced last April. (See BioWorld MedTech, April 25, 2017.) The divestiture satisfies contingencies following regulatory approval of the Bard purchase. Merit's departure will not impact BD's fiscal 2018 revenue, according to the company.
Exactech Inc., Gainesville, Fla.-based maker of orthopedic implant devices and surgical instrumentation for extremities and large joints, reported the successful completion of the previously reported merger agreement with Fort Worth, Texas and San Francisco-based TPG Capital, pursuant to which TPG has acquired all of the issued and outstanding common stock of Exactech. In connection with the transaction, Exactech shareholders will receive $49.25 in cash for each share of Exactech common stock they hold (other than certain shares held by the company's founders and certain management shareholders). Exactech's founders, CEO and certain other management shareholders have exchanged a portion of their shares in the transaction, representing approximately 18.8 percent of the company's outstanding common stock, for new equity securities in the post-closing ownership of the company at a valuation equal to or less than $49.25 per share. As a result, Exactech's common stock has ceased trading on the Nasdaq and will no longer be listed. The total transaction is valued at approximately $737 million.