Ethicon completes divestiture of business to partner
8 December 2008 00:00 in Medical Company Financials
Ethicon has completed the divestiture of its professional wound care business to One Equity Partners.
Terms of the agreement will see the acquisition of the professional wound care product portfolio - which includes Tielle Hydropolymer Dressing, Promogran Matrix Wound Dressing and Regranex (becaplermin) Gel 0.01 per cent.
The transaction will also see the transfer of the research and development and manufacturing facility in Gargrave, Yorkshire.
As a result of the deal, the professional wound care portfolio will be marketed and distributed by One Equity Partners' new company Systagenix Wound Management.
Last week, Ethicon's parent company Johnson & Johnson announced a definitive agreement to acquire Mentor Corporation.
As a result of the deal, Mentor is expected to operate as a stand-alone business unit, reporting through Ethicon.
Speaking at the time, Alex Gorsky - company group chairman for Johnson & Johnson - said: "The addition of Mentor ? expands our capacity to provide physicians with products that can restore patients' appearance, self-esteem and quality of life."
Ethicon is based in Somerville, US and currently conducted business in 50 countries.
Formed in 1887, the company has 9,000 employees and specialises in surgical sutures.
Along with Gargrave, Yorkshire, it has 15 sites - including Kirkton, Scotland, Aunea, France, Neuchatel, Switzerland, Norderstedt, Germany.
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Story collated for Zenopa by the Adfero News Agency