By Lisa Kerner
Charlotte, N.C., Jan. 9 - The merger of Conor Medsystems, Inc., Johnson & Johnson and its subsidiary Cordis Corp. moved closer to completion as the Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period.
This move satisfies one closing condition of the proposed $1.4 billion transaction announced on Nov. 16.
The merger is expected to close after Conor's stockholders meet on Jan. 31, according to a news release.
Conor Medsystems develops controlled vascular drug delivery technologies.
Johnson & Johnson is a New Brunswick, N.J.-based pharmaceutical company.
Cordis is based in Miami.
| Acquirer: | Johnson & Johnson
|
| Target: | Conor Medsystems, Inc.
|
| Payment per share: | $33.50
|
| Announcement date: | Nov. 16
|
| Expected closing: | First quarter of 2007
|
| Stock price for target: | Nasdaq: CONR $32.09 on Jan.
|
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