Bard to Take Over Full Ownership of Medicon JV
Murray Hill, N.J.-based C. R. Bard has agreed to take over full ownership of a Japanese joint venture that it has operated with Kobayashi Pharmaceutical since 1972.
As a result of the agreement, the Osaka-based Medicon JV will become a wholly owned Bard subsidiary. Medicon sells Bard urology products and vascular stents, among other items, in Japan. Kobayashi sells pharmaceutical products in Japan and markets consumer products, such as heat therapy patches, in the U.S.
The deal is expected to close next month, with Kobayashi receiving about $25.1 million. It will receive additional payments over the next decade, for a total of $93.6 million.
Bard Chairman and CEO Timothy M. Ring says the transaction will allow his company to enhance its presence in Japan, the third largest healthcare market in the world, particularly as growth opportunities there evolve. — Elizabeth Hollis