Pressemitteilung BoxID: 31417 (Bayer Vital GmbH)
  • Bayer Vital GmbH
  • Gebäude K56
  • 51366 Leverkusen
  • Ansprechpartner
  • Jules Fisher
  • +1 (763) 450-8011

Bayer HealthCare Affiliate MEDRAD and Possis Medical Sign Definitive Merger Agreement

(lifePR) (Leverkusen, Germany, / Minneapolis, MN, USA, ) Bayer HealthCare affiliate MEDRAD, Inc., Warrendale, PA and Possis Medical, Inc., Minneapolis, MN, (Nasdaq: POSS), announced today that they have entered into a definitive merger agreement pursuant to which MEDRAD will acquire Possis Medical in a cash tender offer for US-Dollar 19.50 per share, or a total equity value of approximately US-Dollar 361 million. The offer price represents a premium of approximately 39 percent over Possis Medical’s average closing price for the thirty days prior to February 8, 2008. The board of directors of Possis Medical has unanimously approved the transaction and resolved to recommend the offer to their shareholders.

The transaction is structured as a tender offer, which the parties have agreed to commence within the next ten business days followed by a merger. Both the tender offer and the merger are subject to terms and conditions detailed in the merger agreement, including the tender of not less than two-thirds of the outstanding shares of Possis Medical on a fully-diluted basis and customary regulatory clearances. The tender offer is not subject to a financing contingency. The tender is to be followed by a second-step merger in which any untendered Possis Medical shares would be converted into the right to receive the same price per share as shareholders who tendered in the cash tender offer. The tender offer is expected to close in the first quarter of 2008.

MEDRAD is a leading provider of contrast injection systems used to diagnose cardiovascular and other diseases. Possis Medical is a leading provider of mechanical thrombectomy devices used to treat narrowed or blocked arteries and veins. The proposed combination of MEDRAD and Possis Medical will join two leaders in their respective fields, and underscores MEDRAD’s commitment to the treatment of patients in the growing cardiovascular intervention field.

Cardiovascular disease remains one of the main causes of death and disability in the United States and Europe and it is estimated that in the United States alone, more than 80 million people are affected by some form of cardiovascular disease.

The combination of the two highly compatible sales organizations and shared target customer groups establishes a leading and expansive footprint in the cardiovascular intervention field and empowers the combined organization to offer a broader, more comprehensive suite of products and an exceptional level of service to its customers. MEDRAD’s broad and proven international distribution infrastructure offers an exciting platform for the expansion of Possis Medical’s product portfolio into attractive and largely underpenetrated international markets. The combination of Possis Medical’s thrombectomy platform and MEDRAD’s vascular injection systems offers a highly complimentary focus on high pressure intravascular fluid management and represents a broadened base for future development of new and innovative applications.

"This merger will capitalize on both companies’ strengths to deliver growth in our current markets, and create a formidable cardiovascular portfolio in the future," said John P. Friel, MEDRAD President and CEO. "We welcome Possis Medical as the cornerstone of MEDRAD’s cardiovascular strategy. It is a truly compatible partnership in terms of product performance, company growth and employee culture."

"Our shared history of innovation bodes well for product development beyond our core businesses, and provides tremendous opportunity for growth for our business and employees. In addition, MEDRAD will enable us to broaden our geographic reach without adding infrastructure. We look forward to joining the Bayer and MEDRAD organization," said Possis Medical President and CEO Robert G. Dutcher.

Headquartered near Minneapolis, Minnesota, Possis Medical posted revenues of $67 million and employed approximately 280 people for its fiscal year ending July 31, 2007. Premiering in 1997, Possis Medical’s AngioJet® Rheolytic™ Thrombectomy System remains the medical world's leading mechanical thrombectomy system. Over 300,000 patients worldwide have been treated with AngioJet therapy. Possis Medical recently launched the AngioJet Ultra System, a new easier-to-use drive unit that has driven strong revenue growth over the past four quarters.

Conference Call

Possis Medical will host a conference call today, Monday, February 11, 2008, at 3:00 p.m. (CST). Bob Dutcher, Chairman & CEO, and Jules Fisher, CFO, will discuss the proposed merger with Bayer HealthCare Affiliate, MEDRAD.

To join the conference call, dial 1-800-762-8932 (international 1-480-629-1990). A replay of the conference call will be available beginning on February 12, 2008 for 30 days. To access the replay, dial 1-800-406-7325 (international 1-303-590-3030) and enter the access code 3844245.

For individual investors, a Webcast of the conference call will be available at under the "Investors" tab, or at Institutional investors can access the Webcast through a password-protected site at An archived Webcast of Possis’ conference call will be available for 30 days, starting February 12, 2008.


MEDRAD, Inc. is a worldwide leading provider of medical devices and services that enable and enhance imaging procedures of the human body. Used in diagnostic imaging, MEDRAD’s product offerings include a comprehensive line of vascular injection systems, magnetic resonance (MR) surface coils and patient care products, and equipment services. Total 2006 revenues were US-Dollar 478 million. MEDRAD is a 2003 recipient of the Malcolm Baldrige National Quality Award, the top honor a U.S. company can receive for quality and business excellence. The company’s world headquarters is near Pittsburgh, Pennsylvania, in the United States. MEDRAD is an affiliate of Bayer AG and employs over 1,700. More company information is available at

About Possis Medical

Possis Medical develops, manufactures and markets pioneering medical devices for the large and growing cardiovascular and vascular treatment markets. The Company’s AngioJet System is the world’s leading mechanical thrombectomy system with FDA approval to remove large and small thrombus from coronary arteries, coronary bypass grafts, peripheral arteries and veins, A-V grafts and native fistulas.

Bayer Vital GmbH

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