CR Bard has announced plans to enter the blood clotting industry this past week. In a deal worth at least $200 million, CR Bard will acquire Medafor.

Bard currently manufactures medical devices and related healthcare products. Through June 30th of 2015, the company will pay up to $80 million based on the achievement of certain milestones. Bard's purchase of Medafor comes about three years after Medafor avoided takeover by CryoLife, a Georgia-based medical device company.

As of now, boards of directors at both companies have signed off on the purchase agreement. However, shareholder votes and regulatory review still need to be completed. Assuming that Bard is able to close the purchase agreement as expected, Medafor will be absorbed by the company's Davol segment.

For the price, Bard will gain access to the Arista MPH Hemostat by Medafor. The Arista device is manufactured from plants and can help control bleeding during surgical operations. However, Bard also has an eye on some of Medafor's other products. In addition, the acquisition of Arista should be a solid complement to Progel sealant by CR Bard. Executives at CR Bard noted that the surgical hemostat market was worth up to $1.4 billion annually.

For 2014, Bard expects that the new addition will add to its revenue growth by 1%.