Printer Friendly

CABOT MEDICAL COMPLETES ACQUISITION OF SURGITEK FROM BRISTOL-MYERS SQUIBB

 CABOT MEDICAL COMPLETES ACQUISITION
 OF SURGITEK FROM BRISTOL-MYERS SQUIBB
 LANGHORNE, Pa., July 29 /PRNewswire/ -- Cabot Medical Corporation (NASDAQ-NMS: CBOT) today announced that it completed its previously announced acquisition of the assets and related liabilities of the urological business of Medical Engineering Corporation, a subsidiary of Bristol-Myers Squibb Company (NYSE: BMY).
 The business will continue to operate under the Surgitek name. The price for the assets purchased was approximately $57.5 million (which was paid in cash) plus warrants which will enable Bristol-Myers Squibb Company to purchase 225,000 shares of Cabot's common stock at $16 per share. Financing in the transaction was provided by the proceeds of Cabot's earlier issuance of $67 million of 7.5 percent convertible subordinated notes due 1999.
 As part of the transaction, Cabot acquired manufacturing and other facilities in Racine, Wis., where the business has been and will continue to be operated. The urological business had sales in calendar 1991 of approximately $30 million comprised principally of stents, fiberoptic scopes and urological measuring devices.
 Warren G. Wood, chairman of Cabot, said, "Cabot is delighted to complete this acquisition which is a very important step in the pursuit of its growth strategy. The combination of Cabot's field sales force with the field sales force of Surgitek and related foreign distributors should enable Cabot to achieve greater market penetration in its core businesses (both foreign and domestic) as well as expand its products and presence in the growing urological market. Cabot is also very excited about the possibilities associated with leveraging new products off of Surgitek's considerable manufacturing technology. While fiscal 1992 results will be negatively impacted by various costs and charges associated with the acquisition, Cabot is very optimistic about the prospects for fiscal 1993 and beyond. The acquisition of Surgitek has positioned Cabot very positively for the future."
 /delval/
 -0- 4/27/92
 /CONTACT: Marvin Sharfstein of Cabot Medical, 215-752-8300/
 (CBOT BMY) CO: Cabot Medical Corporation; Bristol-Myers Squibb Company; Medical
 Engineering Corporation ST: Pennsylvania, Wisconsin IN: MTC SU: TNM


MK-CC -- PH017 -- 4558 07/29/92 11:13 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 29, 1992
Words:343
Previous Article:McDONALD'S AND MATTEL LAUNCH SECOND CONSECUTIVE HAPPY MEAL PROMOTION
Next Article:FIRST NATIONWIDE FINANCIAL REPORTS SECOND QUARTER RESULTS
Topics:


Related Articles
CABOT MEDICAL ANNOUNCES THE ACQUISITION OF BRISTOL-MYERS SQUIBB SUBSIDIARY
CABOT MEDICAL ANNOUNCES SALES AND EARNINGS FOR FIRST QUARTER
CABOT MEDICAL ANNOUNCES SECOND QUARTER AND FIRST HALF RESULTS
CABOT MEDICAL CORPORATION ANNOUNCES THIRD QUARTER AND NINE MONTH RESULTS
COOPER COMPANIES RULED RESPONSIBLE FOR PRODUCT LIABILITY CLAIMS ARISING FROM BREAST IMPLANTS SOLD BEFORE SALE OF BUSINESS; COMPANY TO APPEAL
CABOT MEDICAL ANNOUNCES YEAR END RESULTS
SURGITEK UNIT OF CABOT MEDICAL ANNOUNCES DISTRIBUTION AGREEMENT
CABOT MEDICAL REFUTES LAW FIRM CLAIM
BRISTOL-MYERS SQUIBB ACQUIRES CALGON VESTAL LABORATORIES
FDA CLEARS IMPLANT CANCER RISK

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters