NEW YORK (AP) — Merit Medical Systems Inc. has agreed to buy BioSphere Medical Inc., which makes tiny particles that are used deliver drugs or block blood flow to tumors, in a deal valued at $96 million.
The South Jordan, Utah, company said its offer values BioSphere stock at $4.38 per share. That is a premium of 46 percent above BioSphere’s closing price of $3 on Thursday.
Biosphere makes microspheres, or tiny spherical particles. They can be used to precisely deliver drugs or reduce blood flow to tumors, arteriovenous malformations, or uterine fibroids. Such procedures, called embolotherapies, are typically done before surgery on tumors that are fed by large numbers of blood vessels. Uterine fibroids are benign tumors in the uterus that can cause excessive bleeding.
The company is based in Rockland, Mass.
BioSphere also reported its first-quarter results on Thursday. The company said it reduced its loss to $1.2 million, or 7 cents per share, from $1.8 million, or 10 cents per share a year ago. Revenue dipped 2 percent to $7.1 million from $7.3 million.