The company also agreed to future contingent payments up to an additional $80m, if Medafor reaches certain sales goals by June 30, 2015.

The transaction, which is structured as a merger, has been approved by both companies and is subject to an approval by Medafor’s shareholders and customary regulatory review.

C.R. Bard chairman and CEO Timothy M Ring noted with this acquisition, the company will continue to shift the mix of the portfolio to improve the organic growth profile of the business for the longer term.

"This technology platform represents an important building block for our surgical specialty product offering and provides a global footprint for continued expansion," Ring added.

C.R. Bard plans to expand the business opportunities for its surgical specialties in its Davol subsidiary with this acquisition.

Medafor markets the Arista MPH Hemostat, which is indicated as an adjunctive hemostatic agent to control bleeding when conventional means are ineffective or impractical.

With its safety and ease of use profile, the Arista hemostat provides an alternative to other commercially available hemostats.

The acquisition which will provide Bard with a new technology platform is expected to contribute approximately 1% to its revenue growth in 2014.