Johnson and Johnson Buys Micrus Endovascular for $480 Million – More Stents
Posted Jul 12 2010 11:26am
Johnson and Johnson buys another catheter company with some different technologies. We are starting to see quite a bit of this today with major companies buying smaller companies rather than building the technology in house. Hopefully this company is set on their patents so we don’t have additional stent wars.
The stent from Ascent is used for treating aneurysms with the balloon process of expanding when put in place, in other words if you are a stroke victim this may e one of the options used to treat. BD
CHICAGO/NEW YORK: Johnson & Johnson will buy Micrus Endovascular Corp for about $480 million to expand its portfolio of medical devices that treat and prevent stroke, the companies said on Monday. J&J will pay $23.40 a share, a 5.5 per cent premium over Micrus' closing price on Friday. Micrus shares have climbed nearly 50 percent this year. Micrus develops, manufactures and markets implantable and disposable medical devices for use in the treatment of cerebral vascular disease.
Wise said J&J is likely to remain on the lookout for faster-growth technologies to acquire. He also speculated whether Abbott Laboratories (ABT.N) or Medtronic Inc (MDT.N) might be compelled to join the hunt for neurovascular assets, noting "it seems clear that the neuro space has become one of the more attractive medtech markets for would-be acquirers." Boston Scientific's neurovascular business, with $350 million, in projected sales, could fetch $1.75 billion, Wise said.