Global medical technology company BD (Becton, Dickinson and Co.) will acquire C.R. Bard, a medical technology leader in the fields of vascular, urology, oncology, and surgical specialty products, for $24 billion. The transaction will build on BD’s leadership position in medication management and infection prevention with an expanded offering of solutions across the care continuum.

Additionally, Bard’s product portfolio and innovation pipeline will increase BD’s opportunities in fast-growing clinical areas, and the combination will enhance growth opportunities for the combined company in non-U.S. markets.

Vince Forlenza, BD’s chairman and CEO, spoke out about the acquisition, commenting: “Combining with Bard will…[create] a strong partner for healthcare providers who are increasingly focused on delivering better outcomes at a lower total cost. Our two purpose-driven organizations are well-aligned strategically, sharing a strong track record of performance and a deep commitment to addressing unmet needs in today’s challenging healthcare environment.”

Tim Ring, Bard’s chairman and CEO, concurs, saying that the acquisition will be a win-win for all involved—including customers. “We are confident that this combination will deliver meaningful benefits for customers and patients as we see opportunities to leverage BD’s leadership, especially in medication management and infection prevention. We also believe that we can expand our access to customers and patients through BD’s strategic selling capabilities, and that our fast-growing portfolio in emerging markets can significantly benefit from their well-established international commercial infrastructure.”

For more information, visit BD.