DUBLIN, Ohio, April 2, 2014 /PRNewswire/ -- Cardinal Health today announced an agreement to acquire privately held AccessClosure Inc., a leading manufacturer and distributor of extravascular closure devices in the United States, for $320 million. Subject to customary closing conditions and regulatory clearances, the all-cash transaction is expected to close by early June 2014.
Cardinal Health expects the transaction to have minimal impact on non-GAAP earnings in fiscal year 2014 and be slightly accretive to non-GAAP earnings in fiscal 2015.
"We are excited about this opportunity because it provides a scalable platform – with an outstanding product, strong customer base, cost-effective service model, and seasoned management team. Our goal is to become the partner of choice for solutions that improve patient care while reducing the cost and complexity of procedures for hospital systems," said Don Casey, CEO of Cardinal Health's Medical Segment. "Last year we launched our orthopedic trauma solutions to great response, and this acquisition will broaden our offering in another physician preference category. We look forward to further expansion."
Gregory Casciaro, president and CEO of AccessClosure, said, "We are extremely pleased to join a healthcare solutions company like Cardinal Health which has existing scale and a structure to grow this business more rapidly and meet the needs of our current and future customers. With Cardinal Health's resources and customer relationships, we can now more readily answer market demand for our innovative solutions that improve both the doctor and patient experience."
AccessClosure's annual sales are more than $80 million, driven by a direct sales force. The company's Mynx™ family of patient-friendly vascular closure devices helps physicians seal the femoral artery using a unique, secure sealant, which dissolves within 30 days, leaving nothing behind but a healed artery. Mynx allows patients to safely ambulate more quickly, which in turn, means patients can return home sooner.
Dr. Shaden Marzouk, vice president clinical affairs for Cardinal Health noted, "This acquisition will create a platform for an interventional suite offering that is differentiated in the marketplace. Cardinal Health offers customers and their patients high quality, value-priced solutions that include other services, resources, and tools for service line optimization. We know that these innovative, patient-centered solutions are extremely important in today's evolving healthcare landscape."
The Mynx product family is clinically proven and has been featured in several peer-reviewed articles. More articles and information can be found on AccessClosure's website, www.accessclosure.com.
About Cardinal Health
Headquartered in Dublin, Ohio, Cardinal Health, Inc. (NYSE: CAH) is a $101 billion health care services company that improves the cost-effectiveness of health care. As the business behind health care, Cardinal Health helps pharmacies, hospitals, ambulatory surgery centers, clinical laboratories and physician offices focus on patient care while reducing costs, enhancing efficiency and improving quality. Cardinal Health is an essential link in the health care supply chain, providing pharmaceuticals and medical products and services to more than 100,000 locations each day and is also the industry-leading direct-to-home medical supplies distributor. The company is a leading manufacturer of medical and surgical products, including gloves, surgical apparel and fluid management products. In addition, the company operates the nation's largest network of radiopharmacies that dispense products to aid in the early diagnosis and treatment of disease. Ranked #19 on the Fortune 500, Cardinal Health employs 33,000 people worldwide. More information about the company may be found at www.cardinalhealth.com and @CardinalHealth on Twitter.
Founded in 2002, AccessClosure, Inc., headquartered in Santa Clara, Calif., is a privately held medical device company pioneering innovative, patient-friendly products designed to address complex challenges in the cardiovascular and peripheral vascular markets. For more information, visit the website at www.accessclosure.com
Cautions Concerning Forward-Looking Statements
This news release contains forward-looking statements addressing expectations, prospects, estimates and other matters that are dependent upon future events or developments. These statements may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "will," "should," "could," "would," "project," "continue," "likely," and similar expressions, and include statements reflecting future results or guidance, statements of outlook and expense accruals. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. These risks and uncertainties include the ability to successfully complete the proposed acquisition on a timely basis; the ability to use AccessClosure as a scalable platform to grow in the interventional cardiology area; and the ability to achieve the expected benefits from the acquisition. Cardinal Health is subject to additional risks and uncertainties described in Cardinal Health's Form 10-K, Form 10-Q and Form 8-K reports and exhibits to those reports. This news release reflects management's views as of April 2, 2014. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to update or revise any forward-looking statement.
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