San Antonio-based medical device manufacturer Vidacare Corporation has established itself as a leader both in Texas and nationally in the field of developing innovative medical device technologies. BioNews Texas profiled one of the company’s findings back in March, in an article that outlined how the company’s own study found that Intraosseous Vascular Access Devices Are Safe, Effective and Cost-Effective.
Vidacare’s advances in the medical device sector has led in part to a merger agreement with Teleflex Incorporated, which is reported to be worth $262.5 million, plus Vidacare’s net cash. In total, Vidacare currently estimates that $285 million in total proceeds will be distributed to Vidacare shareholders and vested option holders, based on the assumption that current amounts escrowed will see full release.
The merger on the Vidacare side was approved by its Board of Directors and the holders of a majority of Vidacare’s outstanding capital stock. According to a company press release, an information statement providing a detailed summary of the transaction along with the merger agreement have been circulated to the other stockholders for their approval of the transaction. The acquisition is subject to customary closing conditions, including receipt of certain regulatory approvals, and is expected to be completed late in the fourth quarter of 2013.
Mark Mellin, Vidacare President and Chief Executive Office, commented, “Our agreement with Teleflex, which is an all cash transaction, represents an attractive valuation for Vidacare and provides liquidity to our shareholders” adding, “I believe that this merger represents a unique opportunity for the combined companies to strategically expand and grow Vidacare’s intraosseous access technology platform.”