Becton Dickinson (BD) has completed the acquisition of CR Bard for $24bn, under a definitive agreement signed between the companies in April last year.

Expected to result in annualised revenue of around $16bn, the combined entity aims to improve disease treatment for patients and process of care for healthcare providers.

The deal is said to leverage BD’s expertise in medication management and infection prevention while boosting its growth opportunities with the addition of Bard’s product portfolio and pipeline.

Becton Dickinson chairman and CEO Vincent Forlenza said: “Today is a historic day for BD as we welcome Bard and its 16,000 associates to BD.

“These companies each have a legacy of more than 100 years of advancing the world of health and supporting those on the frontlines of healthcare.

“The deal is said to leverage BD’s expertise in medication management and infection prevention while boosting its growth opportunities.”

“We look forward to continuing to lead the industry through innovation and partnerships that bring more valuable solutions to our customers and their patients.”

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Following the transaction, Bard became a wholly owned subsidiary of BD, which will report the majority of acquired offerings under a new Interventional segment structure.

The firm plans to report the remaining Bard offerings under the Medical division.

Based in the US, Bard develops, manufactures and markets life-enhancing medical technologies for vascular, urology, oncology, and surgical sectors.

The combination of the firm’s vascular access products with BD’s IV drug preparation, dispensing, delivery, and administration will enable the offering of end-to-end medication management solutions.