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J&J to Buy Conor Medsystems
Johnson & Johnson announced last night that it plans to buy fellow stent maker Conor Medsystems (Menlo Park, CA) for $1.4 billion in cash, reports the Star-Ledger of Newark, NJ. The purchase price amounts to a 22% premium above what Conor shares are trading for. But it could be well worth it to J&J. Conor's drug-eluting stent technology does not rely on polymers, which many believe are the culprit behind cases of clotting in patients with J&J's Cypher and Boston Scientific's Taxus.
November 17, 2006
1 Min Read
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Instead, the Conor stent is riddled with holes that allow for a more direct and accurate eluting process. It is a logical step to the next generation of stenting technology, and J&J apparently did not have anything equally innovative in-house. If there are no obstacles with regulatory approval and due diligence, the transaction should close in the first quarter of 2007.
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