Johnson and Johnson completes Micrus Endovascular takeover
30 September 2010 00:00 in Medical Company Restructures
Johnson and Johnson has announced the completion of its acquisition of medical device manufacturer Micrus Endovascular.
The deal, which was originally agreed in July 2010, sees the company become a part of Codman Neurovascular, a business unit of the Johnson and Johnson subsidiary Codman and Shurtleff.
It has been acquired via a cash-for-stock transaction which saw Johnson and Johnson pay approximately $480 million (301.7 million pounds) to purchase all outstanding shares in the company.
Micrus specialises in the design of minimally-invasive devices for the treatment of haemorrhagic and ischemic stroke, including bioactive coil devices, balloon catheters and stents.
P Laxmin Laxminarain, worldwide president of Codman and Shurtleff, expressed hope that the merger will facilitate innovation and improvements in the standard of care for neurovascular disease sufferers.
He added: "Codman and Micrus are coming together to create one of the broadest portfolios and one of the deepest pipelines in the neurovascular industry."
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Story collated for Zenopa by the Adfero News Agency