CR Bard To Buy Breast Cancer Firm SenoRx For $213 Million

C.R. Bard Inc. (BCR) has agreed to buy SenoRx Inc. (SENO) for about $213 million, giving Bard a company that specializes in products related to the diagnosis and treatment of breast cancer.

The health-products maker had agreed to pay $11 a share, an approximately 14% premium to Tuesday's closing price. Bard said it expects the transaction to cut 2010 earnings by 3 cents to 6 cents a share, excluding items that affect comparability. Analysts, on average, had expected the company to earn $5.55 this year.

"We believe the merger represents a great opportunity for the combined companies to create product leadership by offering a broader range of high-quality breast care products to our customers," said SenoRx President and Chief Executive John Buhler.

The deal is seen closing in the third quarter.

Last month, Bard said its first-quarter profit rose 7% on an increase in sales. Medical-device companies saw demand slump last year as hospitals and individuals cut back on their products. Bard Chairman and CEO Timothy Ring had said that the company hadn't "seen any meaningful change in hospital market trends." SenoRx in February said it swung to a fourth-quarter loss even as it saw record revenue.

SenoRx shares were recently up 12.2% at $10.86, while Bard shares were down 6 cents to $85.43.

 
   -By Nathan Becker, Dow Jones Newswires; 212-416-2855; [e-mail]