Deal of the week: J&J;'s Ethicon buys Omrix for $438mm in cash
Deal summary reprinted from Strategic Transactions - November 2008
Find out how Johnson & Johnson has agreed to acquire Israeli biomaterials and immunotherapeutics company Omrix for $25 per share (a 24% premium) in cash for each of its 17.5mm outstanding shares, for a total of $438mm or seven times its 2007 revenues of $61.7mm on earnings of $11.9mm.
Omrix has $80.9mm in cash and equivalents and will function as a division of J&J's Ethicon; the acquisition will complement Ethicon's hemostats and surgical device products. Under deals signed in 2003 and 2004, Ethicon gained exclusive US and European distribution rights to Omrix's Evithrom thrombin topical and Evicel fibrin sealant. Through the partnerships the companies are also working on a fibrin pad adjunct in Phase II for mild-to-moderate soft tissue bleeding.
Other deals this reported this week:
Acquisition
Mediscience merges with SensiVida Medical · November 2008
Alliance
Boston Scientific invests in Intelect, gets DBS rights · November 2008
K2M gets polymer from Promethean Surgical Devices · November 2008
Medtronic gets bone cement IP from Pabban Development · November 2008
Philips, NeuroNexus form neurostim collaboration · November 2008
Zoll signs on to distribute some of Welch Allyn's products · October 2008
Financing
ClearCount Medical Solutions closes its Series A round · October 2008
Lutonix brings in $20mm through its Series B round · October 2008
Nicast gains $2.5mm through its Series E round · October 2008
Pathfinder Therapeutics brings in $5.2mm through its Series A · October 2008
Valeritas brings in $50.6mm via private placement · November 2008
Valor Medical sells convertible debt worth $1.4mm · November 2008
Existing shareholders make investments in BrainScope · October 2008
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