Bayer Unit Medrad Buys Possis Medical

Medrad, a subsidiary of Bayer HealthCare, has signed an agreement to acquire Possis Medical for about $361 million.

With 2006 sales of $478 million, Medrad is a leading provider of contrast injection systems used to diagnose cardiovascular and other diseases. Possis, based near Minneapolis, posted $67 million in revenues in its latest fiscal year. It markets mechanical thrombectomy devices used to treat narrowed or blocked arteries and veins.

The companies say the new business will be a leader in the cardiovascular intervention field, with a focus on high-pressure intravascular fluid management. "This merger will capitalize on both companies' strengths to deliver growth in our current markets and create a formidable cardiovascular portfolio in the future," says Medrad CEO John P. Friel.