Merit Medical to buy BioSphere for $96 million
Merit Medical Systems Inc. (NSDQ:MMSI) agreed to acquire BioSphere Medical Inc. (NSDQ:BSMD) for about $96 million in cash.
The deal for the Rockland, Mass.-based firm, at roughly $4.38 per share, represents a 54 percent premium over BioSphere's $2.84 closing price May 12. Shares were up 5.6 percent to $2.00 in late-afternoon trading May 13.
BioSphere makes tiny spheres used to treat uterine fibroids, tumors and deformed blood vessels. Merit Medical chairman and CEO Fred Lampropoulos called the technology "the most advanced embolotherapy technology available today," saying the acquisition is a strategic move aimed at increasing its point-of-sale offering for interventional radiologists, targeting the uterine fibroid and primary liver cancer markets.
The deal is expected to close during the third quarter, Jordan, Utah-based Merit said.