ETHICON, Inc., a Johnson & Johnson (JNJ) company, said Tuesday it received an irrevocable, unconditional offer from One Equity Partners to acquire the professional wound care business. Financial terms of the transaction were not disclosed.
One Equity has been granted exclusivity with respect to the offer. The acceptance period for the offer will end on August 22, unless extended.
The professional wound care business generated annual net sales of approximately $270 million in 2007.
If the offer is accepted by ETHICON, the proposed transaction, subject to anti-trust clearances, is expected to close later in 2008.
Under the terms of the offer, One Equity will acquire the professional wound care business product portfolio, which contains brands such as Promogran Matrix Wound Dressing, Tielle Hydropolymer Dressing and Regranex or becaplermin Gel, a prescription treatment for lower extremity diabetic ulcers, as well as a portfolio of general wound care products. The transaction also includes a research and manufacturing facility located in Gargrave, England.
"Long-term global demographics point to sustainable growth in the wound care market in developed and developing countries and the Professional Wound Care business of ETHICON is a strong platform from which we can build," said Dick Cashin, managing partner, One Equity Partners.
JNJ is trading up $0.62 or 0.96% at $64.97 on a volume of nearly 2.18 million shares.
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