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Dec 06, 2021, 06:50 ET
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FRANKLIN LAKES, N.J., Dec. 6, 2021 /PRNewswire/ — BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced that "embecta" [pronounced em-BECK-tah] will be the name of the independent, publicly-traded company that will hold BD’s Diabetes Care business upon the completion of the previously announced spinoff, which is expected to close in the second quarter of calendar year 2022.
The name "embecta" represents the future company’s commitment to people living with diabetes and its corporate heritage: the "em-" prefix evokes empathy for people living with diabetes and the empowerment of the new company and its global team to seek new avenues of growth, and the "bect" embodies the BD spirit by embedding part of the legacy brand — the "bect" from Becton, Dickinson and Company — in the name. The logo consists of two bold curved lines, fused together to form a circle around a single point, which symbolizes the concept of bringing people together to form a collaborative, personal relationship and creates a strong connection with the BD visual identity.
"The Diabetes Care business can trace its roots back nearly 100 years to BD’s introduction of the world’s first specialized insulin syringe in 1924 and today is the leading producer of diabetes injection devices in the world," said Tom Polen, chairman, CEO and president of BD. "We’re proud to see that shared legacy reflected in the new name."
Devdatt (Dev) Kurdikar, worldwide president of BD Diabetes Care, who will become CEO of embecta upon completion of the spinoff said, "The Diabetes Care business is the trusted partner our customers and people living with diabetes have known for nearly a century, now with a single focus and the financial flexibility to pursue organic and inorganic innovations that will give more people a better life. We have assembled a diverse and experienced leadership team that is excited about the possibilities ahead, and our global team is passionate about the profound impact they can have on the growing number of people who live with this chronic and prevalent disease. Together, we look forward to making embecta synonymous with a life unlimited by diabetes."
Upon completion of the spinoff, embecta will have an experienced leadership team led by Dev Kurdikar, each bringing deep and relevant experience in the medical technology industry:
Spinoff is expected to be completed in the second quarter of calendar year 2022
BD expects the spinoff to be completed in the second quarter of calendar year 2022, subject to the final approval of the BD Board of Directors and the effectiveness of a Registration Statement on Form 10 to be filed with the U.S. Securities and Exchange Commission (SEC).
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 70,000 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.
This press release contains certain forward-looking statements (as defined under Federal securities laws) regarding BD and the proposed spinoff of its Diabetes Care business, including the anticipated benefits of the spinoff and the expected timing of completion of the spinoff. All such statements are based upon current expectations of BD and involve a number of risks and uncertainties. With respect to forward-looking statements contained herein, a number of factors could cause actual outcomes to vary materially. These factors include, but are not limited to, risks relating to the impact of the COVID-19 pandemic; product efficacy or safety concerns resulting in product recalls or other actions; new or changing laws and regulations (including the imposition of tariffs or changes in laws impacting international trade) or changes in enforcement practices with respect to such laws; fluctuations in costs and availability of raw materials or adverse changes in supplier or customer arrangements and relationships; legislative or regulatory changes to the U.S. or foreign health care systems, potential cuts in governmental health care spending, or governmental or private measures to contain health care costs, including changes in pricing and reimbursement policies reduce demand or downward pricing pressure; changes in interest or foreign currency exchange rates; adverse changes in regional, national or foreign economic conditions, particularly in emerging markets, including any impact on access to credit markets, product demand or our supply chain; the adverse impact of cyber-attacks impacting information systems or products; competitive factors including technological advances and new products introduced by competitors; supply chain interruptions or interruptions in manufacturing or sterilization processes; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; adverse changes in geopolitical conditions; increases in energy costs and their effect on, among other things, the cost of producing products; the ability to successfully integrate any acquired businesses; uncertainties of litigation; issuance of new or revised accounting standards; risks associated with the impact, timing or terms of the spinoff; risks associated with the expected benefits and costs of the spinoff, including the risk that the expected benefits of the spinoff will not be realized within the expected time frame, in full or at all, and the risk that conditions to the spinoff will not be satisfied and/or that the spinoff will not be completed within the expected time frame, on the expected terms or at all; the expected qualification of the spinoff as a tax-free transaction for U.S. federal income tax purposes, including whether or not an IRS ruling will be sought or obtained; risks associated with expected financing transactions undertaken in connection with the spinoff and risks associated with indebtedness incurred in connection with the spinoff; the risk that dis-synergy costs, costs of restructuring transactions and other costs incurred in connection with the spinoff will exceed our estimates; and the impact of the spinoff on our businesses and the risk that the spinoff may be more difficult, time-consuming or costly than expected, including the impact on our resources, systems, procedures and controls, diversion of management’s attention and the impact on relationships with customers, suppliers, employees and other business counterparties, as well as other factors discussed in BD’s filings with the SEC. There can be no assurance that BD’s spinoff will in fact be completed in the manner described or at all. We do 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.
VP, Public Relations
Senior Director, Investor Relations
SOURCE BD (Becton, Dickinson and Company)
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