BD (Becton, Dickinson and Company) announced today that it has signed agreements to sell certain assets of its BD Medical segment, including the Ophthalmic Systems unit as well as the surgical blades, critical care and extended dwell catheter product platforms of the Medical Surgical Systems unit, to RoundTable Healthcare Partners, an operating-oriented private equity firm focused on the healthcare industry based in Lake Forest, Illinois, and two of its portfolio companies, Argon Medical Devices, Inc. and Aspen Surgical Products, Inc. The financial terms of the agreements were not disclosed.
“This sale will enable BD to focus resources and management attention on opportunities which are a preferred strategic fit with the BD Medical strategy, which focuses on parenteral medication delivery,” stated Edward J. Ludwig, Chairman and Chief Executive Officer. “We are pleased that we found in RoundTable a buyer committed to the success of these sound businesses, which provide value to customers.”
The transaction is expected to be completed by the end of BD’s fourth fiscal quarter 2010 following the satisfaction of customary closing conditions, including consultations and regulatory approvals.
BD expects to record a gain in its fourth fiscal quarter 2010 results in connection with the planned sale. Asset groups, with estimated revenues of approximately $200 million and estimated earnings per share of $0.20 to $0.24 for the full fiscal year 2010, have been classified as discontinued operations as will be reflected in the company’s third fiscal quarter 2010 financial statements.