The Franklin Lakes-based medical technology company said in a news release that it will receive the cash from fellow owner Apax Partners in exchange for its remaining minority ownership in Chicago-based Vyaire.
“Our success in standing up Vyaire Medical as an independent company … has been made possible by the support of BD and the contributions from Apax Partners, which has provided our team with a range of capabilities, including the expertise from its Operational Excellence team of dedicated functional specialists,” Vyaire CEO and President Dave Mowry said in a prepared statement.
BD and Apax jointly created Vyaire back in 2016, building it around BD’s existing Respiratory Solutions business. Apax owned 50.1 percent of the company, with BD owning 49.9 percent, at its creation. Current news releases did not list the percentage BD is divesting.
“It was on the basis of (the company’s) progress, and the promise that we continue to see for the business, that we sought to acquire BD’s minority stake,” Apax’s Steven Dyson, a partner with the firm, said in a statement. “We would like to thank the BD team for being excellent partners and supporting the company through its history>”
The transaction is expected to close by the end of April, subject to customary conditions.