CryoLife to cash in on Bard buyout of Medafor
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 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.