Medical device manufacturer C.R. Bard Inc. (NYSE: BCR) is buying health care products distributor Liberator Medical Holdings Inc. (NYSEMKT: LBMH) for $181 million, or $3.35 per share. The target closed at $2.66 on Nov. 10.
Liberator is a direct to consumer distributor of home medical supplies, such as catheters. The target estimates that the durable medical equipment, which makes treatment products that can be used repeatedly at home, is expected to grow from $45.8 billion in 2015 to $71.3 billion in 2023.
“As the population ages and more health care is expected to occur outside of the hospital setting, we believe that having direct access to the patient in the home is strategically important,” says Bard CEO Timothy Ring. Bard produces catheters and other medical devices. Liberator distributes some of Bard’s products.
Bard has been active on the acquisition in the last couple of years. Earlier in 2015, the company reached a deal to buy Kobayashi Pharmaceutical Co.’s 50 percent stake in Medicon Inc., which is a Japanese joint venture between the two companies. In 2013, Bard paid $280 million for blood treatment product maker Medafor Inc. and $262 million for catheter manufacturer Rochester Medical Inc.
JMP Securities LLC and Lowenstein Sandler LLP are advising Liberator.