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CryoLife to cash in on Bard buyout of Medafor

Tue, 10/08/2013 - 11:32am
Mass Device

CryoLife says it's in line for a $15 million payout due to its stake in Medafor, which C.R. Bard bought last week for some $280 million.

CryoLife to cash in on Bard buyout of Medafor

CryoLife Inc. (NYSE:CRY) said it's in line for a $15.1 million payout from the C.R. Bard (NYSE:BCR) acquisition of Minnesota-based Medafor for up to $280 million.

CryoLife said it owns nearly 2.4 million shares of Medafor stock, which cost it about $2.6 million, and could be due another $8.4 million "upon the release of funds held in escrow and the satisfaction of certain contingent milestones."

The deal for Medafor, which closed last week, calls for an up-front cash payment of $200 million for hemostat maker Medafor, plus another possible $80 million in milestones.

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