Interventional device developer BioSphere Medical announced that it has signed an agreement to be acquired by disposable products developer Merit Medical Systems of South Jordan, UT.
Through the acquisition of BioSphere, Merit will gain access to embolotherapy technology applicable to multiple therapeutic areas, including uterine fibroids and liver cancer, Merit said.
The deal is valued at $96 million and was approved May 13 by BioSphere Medical's board of directors. The acquisition is expected to occur in the third quarter of this year, according to Rockland, MA-based BioSphere.
But the deal could hit a snag: Law firm Ryan & Maniskas of Wayne, PA, announced that it has begun investigation into possible breaches of fiduciary duty and violations of state law by members of BioSphere's board of directors in conjunction with the Merit agreement.
In other BioSphere news, the company reported financial results for the first quarter of 2010 (end-March 31). BioSphere's revenue fell slightly, from $7.28 million to $7.12 million in the same period of 2009, a decline of 2%. BioSphere sustained a net loss for the quarter of $1.2 million, compared with a net loss of $1.8 million for the same period in 2009.
Related Reading
BioSphere touts UAE study, October 7, 2009
Merit enters microcatheter sector, January 14, 2009
Merit adds to product line, December 30, 2008
Merit gets nod for Prelude, October 22, 2008
BioSphere grows Q1 revenues, April 25, 2008
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