- BD enters growing pharmacy automation market segment by offering a comprehensive set of technologies across the care continuum
- Addition of Parata aligns with two key tenets of BD's innovation strategy: driving smart, connected care and enabling new care settings
FRANKLIN LAKES, N.J., July 18, 2022 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX) today announced it has completed the acquisition of Parata Systems.
Parata advances BD's transformative solutions strategy by providing a portfolio of innovative pharmacy automation solutions that power a growing network of pharmacies to reduce costs, enhance patient safety and improve the patient experience for retail, hospital and long-term care pharmacies. As a combined company, BD is positioned to offer a comprehensive set of technologies to the $600 million pharmacy automation market segment that is expected to grow approximately 10% annually to $1.5 billion in the U.S. alone over 10 years.
"Completing this acquisition represents an important step towards advancing our 2025 growth strategy around smart, connected care and enabling new care settings," said Tom Polen, chairman, chief executive officer and president of BD. "I'd like to officially welcome the Parata team to BD as we join together to uniquely provide a more comprehensive set of smart, connected care technologies to support our customers as they expand care to new settings and centralize their pharmacy operations."
The acquisition builds on BD's legacy and experience of seamlessly integrating teams to drive future growth and innovation. The Parata portfolio will become part of the solutions offered by BD's Medication Management Solutions business within the BD Medical segment. Together, the combined BD and Parata team will help pharmacy leaders address critical trends, such as clinician shortages, wage inflation, centralization of pharmacy services and increased clinical demands on pharmacy staff.
For additional information about the transaction, please reference the Investor Presentation and Transaction Announcement Press Release issued on June 6, 2022, both available on the Investor page on BD.com.
BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 75,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to accurately detect disease and advance researchers' capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care. For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/ and Twitter @BDandCo.
FORWARD LOOKING STATEMENTS
This press release contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding the anticipated benefits of the acquisition of Parata Systems and future growth in its relevant market segments. Forward looking statements generally are accompanied by words such as "will", "expect", or similar words, phrases or expressions. These statements are based on the current expectations of BD management and are subject to a number of risks and uncertainties regarding Parata's business and the proposed acquisition, and actual results may differ materially from any anticipated results described, implied or projected in any forward-looking statement. These risks and uncertainties include, but are not limited to, risks relating to the integration of Parata's operations, products and employees into BD and the time and resources required to do so and the possibility that the anticipated benefits of the proposed acquisition will not be realized or will not be realized within the expected timeframe; the loss of key senior management or other associates; competitive factors, including the development of new technologies by other companies and pricing and market share pressures; changes in healthcare or other governmental regulation; risks relating to the ability to maintain favorable supplier arrangements and relationships; changes in regional, national or foreign economic conditions, as well as other factors discussed in BD's filings with the Securities Exchange Commission. BD does not intend to update any forward-looking statements to reflect events or circumstances after the date hereof, except as required by applicable laws or regulations.
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SVP, Head of Investor Relations
SOURCE BD (Becton, Dickinson and Company)