BD Announces Agreement to Acquire HandyLab, Inc.
Would Gain Industry-leading Molecular Diagnostic Automation Platform
FRANKLIN LAKES, N.J., Oct. 23 /PRNewswire-FirstCall/ -- BD (Becton, Dickinson and Company) (NYSE: BDX) announced today that it signed a definitive agreement to acquire HandyLab, Inc., an Ann Arbor, Michigan-based company that develops and manufactures molecular diagnostic assays and automation platforms. The acquisition is subject to regulatory approvals and is expected to close during the first quarter of fiscal year 2010. The financial terms of the agreement were not disclosed.
Consistent with BD's stated acquisition strategy, and building upon a previously announced development and distribution agreement between BD and HandyLab earlier in 2009, the acquisition would further extend BD's commitment to the novel HandyLab instrumentation technology to support BD's molecular diagnostics strategy.
"HandyLab has developed and commercialized a flexible automated platform for performing molecular diagnostics which is an ideal complement to our molecular diagnostics offerings," said Vincent A. Forlenza, BD President. "We believe this new platform enables both our healthcare-associated infections offering and future expansion into other molecular opportunities."
BD plans to place its BD GeneOhm(TM) molecular assays for Methicillin-resistant Staphylococcus aureus (MRSA), Clostridium difficile and Vancomycin-resistant Enterococcus (VRE) onto the HandyLab platform and market them as the new BD MAX(TM) system. The flexibility of this novel platform will allow further expansion of the BD molecular diagnostic menu.
BD senior management will address this announcement during the Company's fiscal fourth quarter earnings call on November 4, 2009, which will be broadcast live on BD's website, www.bd.com/investors, at 10:00 a.m. (ET).
BD is a leading global medical technology company that develops, manufactures and sells medical devices, instrument systems and reagents. The Company is dedicated to improving people's health throughout the world. BD is focused on improving drug delivery, enhancing the quality and speed of diagnosing infectious diseases and cancers, and advancing research, discovery and production of new drugs and vaccines. BD's capabilities are instrumental in combating many of the world's most pressing diseases. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs approximately 29,000 associates in approximately 50 countries throughout the world. The Company serves healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. For more information, please visit www.bd.com.
This press release contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding the acquisition of HandyLab, Inc., the timing of the anticipated acquisition, the potential benefits of the anticipated acquisition and the potential benefits of the products and product candidates relating to the HandyLab instrumentation technology and events or developments that BD expects to occur or anticipates occurring in the future. All such statements are based upon current expectations of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to forward-looking statements contained herein, factors that could cause actual results to vary materially from any forward-looking statement include, but are not limited to: the satisfaction of closing conditions with respect to the acquisition; the ability to successfully integrate HandyLab's operations and programs with BD's and the time and resources required to do so; difficulties inherent in product development and delays in product introductions; competitive factors; pricing and market share pressures; increases in energy costs and their effect on, among other things, the cost of producing BD's products; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; uncertainties of litigation (as described in BD's filings with the Securities and Exchange Commission); the effects of potential pandemic diseases; changes in healthcare or other governmental regulation, including changes in government pricing and reimbursement policies or other cost containment reforms; and issuance of new or revised accounting standards, as well as other factors discussed in this press release and in BD's filings with the Securities and Exchange Commission. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.
SOURCE BD (Becton, Dickinson and Company)
Released October 23, 2009