Becton Dickinson and Co. will acquire C. R. Bard Inc. for $24 billion, or $317 per Bard common share, the companies announced April 23. The agreement has been unanimously approved by the Boards of Directors of both companies.

Becton Dickinson acquired CareFusion Corp for $12 billion in 2015.

“We are confident that this combination will deliver meaningful benefits for customers and patients as we see opportunities to leverage BD’s leadership, especially in medication management and infection prevention,” said Tim Ring, Bard’s chairman and chief executive officer.”

The transaction is subject to regulatory and shareholder approvals and is expected to close in the fall of 2017.

Becton Dickinson said the two companies will create a highly differentiated medical technology company positioned to improve the process of care and the treatment of disease.

The acquisition will combine Bard’s pipeline in vascular access segments –with Becton Dickinson’s innovation in IV drug preparation, dispensing, delivery, and administration.