C R. Bard has entered into a definitive agreement to purchase Neomend, a developer of sprayable surgical sealants and anti-adhesion products, for $140m.
Neomend commercial products include FDA-approved Progel Air Leak Sealant, designed for intraoperative sealing of air leaks following lung resection.
Previous clinical results conducted on Progel Sealant has showed significant reduction in post-operative air leaks and inpatient length of stay.
Bard chairman and CEO Timothy Ring said Neomend, with its proprietary technology, is believed to be a market leader in thoracic sealing.
"This merger represents a great strategic fit for us as this technology platform is an important building block for our surgical specialty product offering and is synergistic with our call point and global reach," Ring added.
Under the agreement, Neomend will also receive additional future contingent payments of up to an $25m, based on specific revenue-based milestones through 2016.