ICFG USA advised on the sale of Medafor, Inc. to CR Bard
| Seller | CryoLife Inc. and other shareholders |
| Target | Medafor, Inc. |
| Deal Type | Mergers & Acquisitions |
| Buyer | CR Bard |
| Territory | USA |
| Transaction Description | Davol Inc. entered into a definitive agreement to acquire Medafor, Inc. from CryoLife Inc. (NYSE:CRY) and other shareholders for $280 million on August 19, 2013. Under the terms of the agreement, CR Bard will pay $203.7 million paid at closing and future contingent payments up to an additional $80 million based on specific revenue-based milestones through June 30, 2015. The transaction is subject to an approval by Medafor’s shareholders and customary regulatory review and has been approved by the Boards of Directors of CR Bard Inc. and Medafor. The transaction is expected to close later in 2013. The transaction is expected to add approximately 1% to revenue growth in 2014, and be a few cents dilutive to adjusted earnings per share in 2013 and neutral to 2014 for CR Bard. Michael Lubowitz, Mariel Cruz, Renee Pristas, Andrea Bidegaray, John Scribner, Alexis Brown-Reilly, Jeffrey Osterman, Caroline Geiger, Helyn Goldstein, Andrew Pelzer, Amy Rubin and Joshua Gelfand of Weil Gotshal & Manges acted as the legal advisors to CR Bard. Lazard Ltd. acted as financial advisor for Medafor, Inc. Fredrikson & Byron, P.A. acted as legal advisor for Medafor, Inc. Westbury Group acted as fairness opinion provider to Medafor’s Board in the transaction. Davol Inc. completed the acquisition of Medafor, Inc. from CryoLife Inc. (NYSE:CRY) and other shareholders on October 1, 2013. |
| Industry Sector | Healthcare |
| ICFG Office | New York Metro |
ICFG member based in the USA, Westbury Group LLC, successfully provided a Fairness Opinion to Medafor’s Board of Directors on the sale to CR Bard
