Medical equipment giant Becton, Dickinson and Co. (BD) is getting bigger, announcing a $24 billion cash-and-stock deal to acquire CR Bard, including its portfolio in oncology, vascular and surgical products.

A press release from BD said the boards of both companies unanimously approved the transaction and expect it to close in the fall of 2017.

“The combination will create a highly differentiated medical technology company uniquely positioned to improve both the process of care and the treatment of disease for patients and healthcare providers,” the release said. “The transaction will build on BD’s leadership position in medication management and infection prevention with an expanded offering of solutions across the care continuum. Additionally, Bard’s strong product portfolio and innovation pipeline will increase BD’s opportunities in fast-growing clinical areas, and the combination will enhance growth opportunities for the combined company in non-U.S. markets.”

The acquisition is the largest so far in 2017 in the U.S., according to Dealogic. Combined, the companies would have 65,000 employees and about $16 billion in annual revenue.

Among the strategic benefits of the deal highlighted by BD, it mentioned Bard’s peripherally inserted central catheters, midlines and drug delivery ports, offering a more comprehensive range of products “positioned to address 75 percent of the most costly and frequent healthcare-associated infections.”

The deal may also help sales of BD’s last big acquisition, CareFusion, which it purchased in 2014 for $12 billion.

On the same day the CR Bard deal was announced, BD also appointed Tom Polen as its new president, with his duties including overseeing operations of the new interventional segment which will include the CR Bard business.

"This is an exciting time for BD,” Polen said in a statement. “I am honored to serve in this new role as we continue our transformation into a medical technology leader focused on delivering solutions that advance the discovery, diagnostics and delivery of health care globally and helping health care providers worldwide to improve both the process of care and the treatment of disease."