Aliso Viejo-based medical device maker Genyx Medical Inc. is being bought for $60 million by C.R. Bard Inc. of Murray Hill, N.J.
The sale of Genyx comes on the heels of Food and Drug Administration approval last month for its Uryx device, a polymer that is inserted into tissue surrounding a patient’s urethra to reduce or eliminate stress urinary incontinence.
The affliction affects some 50 million people worldwide, 85% of whom are women, according to Bard.
“For years Bard has demonstrated its leadership in the area of female stress incontinence, and we wish them great success as we transfer Uryx and all the Genyx technology over to them,” said Thomas Berryman, Genyx’s founder and chief executive, in a release.
Genyx was founded in 1998. Since then, it has attracted several venture investors.
The company counts seven workers. They are set to do about two months worth of work for Bard in Aliso Viejo, Berryman said.
After that, Uryx either will go to Bard’s urology division in Covington, Ga., or to Bard’s plant in Puerto Rico.
“All of us will go our separate ways,” Berryman said.
Most of Genyx’s workers are veterans of startup companies, he said.
Bard counts yearly sales of about $1.5 billion and a recent market value of nearly $7 billion.
