Johnson and Johnson Buys Medical Device Maker Mentor
Posted Dec 02 2008 2:50am
This takes me back a few years to when I was in outside sales with transportation and logistics when I did business with Mentor. A little off subject, but it still sticks in my mind the “implant” my contact had sitting on his desk as a paperweight. Now the company has grown into quite a few new areas, but the breast implants still appear to be the banner product.
Who and what will be next as the buyouts and consolidation efforts continue. BD
“Mentor is dedicated to manufacturing, developing and marketing innovative, science-based products for the aesthetics specialties fields. The success we have enjoyed over the past 35 years is based on one simple fact we are dedicated to developing and delivering products that give patients the power to transform their lives.”
The pharmaceutical company Johnson & Johnson agreed on Monday to acquire the Mentor Corporation, the medical products supplier, for $1.07 billion in cash.
The price was to $31 a share, according to a statement from both companies. Mentor shares closed Friday at $16.15; the tender price represents a 92 percent premium. According to the statement, Mentor, which is based in Santa Barbara, Calif., will operate as a stand-alone unit through the Ethicon division. It will help Johnson & Johnson, which is based in New Brunswick, N.J., strengthen its presence in aesthetic and reconstructive medicine.