GENEVA - Health products giant Johnson & Johnson said Wednesday it will buy U.S.-Swiss medical device maker Synthes Inc. for $21.3 billion, greatly increasing its share of the market for surgical trauma equipment and orthopedic implants.
J&J's largest ever deal will see the New Jersey-based company offer 159 Swiss francs in cash and stock for each Synthes share. That is a 22 percent premium on the April 14 share price, the day before reports first claimed Synthes was considering a takeover.
Synthes is based in West Chester, Pennsylvania, but has its global headquarters in Solothurn, Switzerland. Last year it had global sales of $3.69 billion, including $2.15 billion in North America.
"Orthopedics is a large and growing $37 billion global market and represents an important growth driver for Johnson & Johnson," CEO Bill Weldon said in a statement.
J&J said Synthes would complement its own DePuy orthopedics portfolio to address what it called "significant market trends."
Wednesday, April 27, 2011
Johnson & Johnson purchase of medical device maker is its biggest ever - NorthJersey.com
via northjersey.com
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