C. R. Bard reaches definitive agreement to acquire SenoRx

May 6 2010

C. R. Bard, Inc. (NYSE: BCR) today announced that it has reached a definitive agreement to acquire SenoRx, Inc. (Nasdaq: SENO), for a purchase price of $11.00 per share in cash, totaling approximately $200 million, net of cash acquired.

The transaction, approved by the boards of directors of both companies, will be structured as a merger subject to the approval of SenoRx's shareholders and the satisfaction of customary conditions, including Hart-Scott-Rodino clearance. SenoRx, located in Irvine, California, markets the EnCor® stereotactic-guided and MRI-guided breast biopsy systems, the Gel Mark® line of breast tissue markers and the Contura® balloon catheter for the treatment of breast cancer, and had 2009 revenues of $55.6 million. Upon completion of the merger, the SenoRx organization will become part of Bard's Peripheral Vascular division.

Breast cancer is the second leading cause of cancer death in women, with early diagnosis critical to survival. Various imaging technologies are used to locate and biopsy suspicious lesions that could be cancerous. The most common imaging technologies include stereotactic (X-ray-based), magnetic resonance imaging (MRI) and ultrasound. The addition of SenoRx will expand Bard's business beyond its current portfolio of products used in ultrasound-guided procedures to include breast biopsy devices designed to work in each of these imaging modalities.

Timothy M. Ring, chairman and CEO, commented, "The SenoRx acquisition represents a very compelling strategic opportunity for Bard, enabling us to provide customers leadership products across all breast biopsy and marker segments in addition to providing Bard its first therapeutic device for site-specific partial breast irradiation after lumpectomy procedures. SenoRx brings significant product innovation in breast care and we are confident that the combination will result in positive benefits for hospitals, doctors and patients."

Based on the anticipated completion of the merger in the third quarter, Bard expects this transaction to dilute fiscal 2010 GAAP earnings by approximately $0.08 - $0.11 per share and 2010 earnings, excluding items that affect comparability between periods, by approximately $0.03 - $0.06 per share.