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C.R. Bard acquires surgical product company Neomend

C. R. Bard announced that it has entered into a definitive agreement to acquire privately-held Neomend, a leading developer and supplier of sprayable surgical sealants and anti-adhesion products for a purchase price of $140M paid at closing and future contingent payments up to an additional $25M based on specific revenue-based milestones through 2016. The transaction is structured as a merger and upon completion this acquisition will expand the business opportunities for Bard surgical specialties in the Davol subsidiary. Neomend markets the Progel Air Leak Sealant, which is the only FDA-approved product available for intraoperative sealing of air leaks following lung resection and has a CE mark for lung sealing and as an anti-adhesion barrier.