Updated on 1 October 2015
Tokyo: New York-based C R Bard Inc. has entered into a definitive agreement to acquire Kobayashi Pharmaceutical Co. Ltd.'s 50% ownership share in Medicon Inc. (Medicon), the Osaka, Japan-based joint venture that the two companies have operated together since 1972, through a share redemption.
The transaction is expected to close in early November 2015, after which Medicon will be a wholly-owned subsidiary of Bard.
The transaction has been approved by each company's board of directors and is subject to customary closing conditions.
For over 40 years, Bard and Kobayashi have jointly operated Medicon by leveraging the local expertise of Kobayashi and the product leadership of Bard. In recent years, Medicon has built clinical and regulatory capabilities that have allowed the business to more effectively introduce new products.
At the same time, Bard has demonstrated the ability to execute its product leadership strategy with a direct selling model in international markets. Bard now believes that the future growth opportunities in Japan will come from market segments that are more clinically differentiated, including peripheral vascular and vascular access. Therefore, the company believes that now is the time to take a more direct role with clinicians and patients in Japan.