By Lisa Kerner
Charlotte, N.C., Nov. 24 - Johnson & Johnson said it will acquire Omrix Biopharmaceuticals, Inc. for $25.00 per share in a cash tender offer valued at $438 million.
Omrix, a New York-based biopharmaceutical company, will operate as a standalone entity through Johnson & Johnson's Ethicon, Inc., which provides suture, mesh, hemostats and other products for surgical procedures, a Johnson & Johnson news release said.
The transaction, which is conditioned on Israeli antitrust clearance, is expected to close by the end of 2008.
Omrix founder and chief executive officer Robert Taub, and entities controlled by Taub, agreed to tender approximately 16% of Omrix's outstanding shares in the offer.
The merger brings together "Omrix's expertise in developing innovative biological products with Ethicon's commercialization expertise and global reach," Taub said in the release.
Johnson & Johnson is a New Brunswick, N.J.-based pharmaceutical company.
| Acquirer: | Johnson & Johnson
|
| Target: | Omrix Biopharmaceuticals, Inc.
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| Announcement date: | Nov. 24
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| Transaction total: | $438 million
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| Price per share: | $25.00
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| Expected closing: | End of 2008
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| Stock price for target: | Nasdaq: OMRI: $21.16 on Nov. 21
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