It also advised that it anticipated cutting about $300 million in yearly costs, according to USA Today.

The pair have about $16 billion in annual revenue and 65,000 employees worldwide, according to the newspaper.

John Weiland, Bard’s vice-chairman, president and chief operating officer, added that the two organizations are “highly compatible.”

New strategic opportunities include the ability to combine Bard’s strong “position and innovation pipeline in fast-growing vascular access segments – PICCs (peripherally inserted central catheters), midlines, and drug delivery ports – with BD’s leadership and innovation in IV drug preparation, dispensing, delivery and administration, the new company will be better positioned to provide end-to-end medication management solutions across the care continuum,” they stated.

In addition, the pairing should bolster efforts “to address 75 percent of the most costly and frequent health care-associated infections (HAIs).”

Combined solutions will provide a “more comprehensive, clinically relevant offering to address surgical site infections (SSIs) and catheter-related bloodstream infections (CRBSIs),” according to the companies.

Bard products will also grow BD’s focus beyond diabetes “to include peripheral vascular disease, urology, hernia and cancer.”

BD’s leading global capabilities and infrastructure will further accelerate the combined company’s growth outside of the U.S., according to the release. “Bard's strong presence in vascular access and surgery will also help drive sales of the highly complementary CareFusion portfolio outside of the U.S.,” they advised, adding that the larger company should have a bigger impact in emerging markets, notably to include $1 billion in annual revenue in China.

The is subject to customary closing conditions, regulatory and Bard shareholder approvals, and it is anticipated to close in late 2017.

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