Johnson & Johnson begins tender offer for Omrix

By Lisa Kerner

Charlotte, N.C., Nov. 25 - Johnson & Johnson subsidiary, Binder Merger Sub, Inc. began the $25-per-share cash tender offer to purchase all outstanding shares of common stock of Omrix Biopharmaceuticals, Inc.

The offer will expire at midnight ET on Dec. 23 unless extended, a Johnson & Johnson news release said.

On Monday, Johnson & Johnson, a New Brunswick, N.J.-based pharmaceutical company, announced it would acquire Omrix for approximately $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, it was previously reported.

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