BEDFORD, Mass.—Spire Corp. said September 9 that it has reached a deal to sell its hemodialysis catheter business to Bard Access Systems for $15 million.
The deal is expected to close before September 30, according to Spire. In addition, the purchase price is subject to adjustment in the event that the value of the inventory delivered at closing is less than the estimated value of the inventory as of September 4.
Under the agreement, Bard Access Systems will also receive a license and a sublicense in the field of hemodialysis catheters to use certain intellectual property used by Spire in its Surface Treatment Business, which provides coating and surface modification services primarily to medical device customers.
"The divestiture of the hemodialysis catheter business at this time is clearly in Spire`s best strategic interest,” said Roger G. Little, chairman and CEO of Spire Corporation. “We continue to see tremendous opportunity in the solar market and can better capitalize on these opportunities with a more focused approach. In the seven years since we entered the medical products business, we have built a broad portfolio of hemodialysis catheter products. We are pleased that the product line has found such a good home with Bard Access Systems."
