J&J to Acquire Omrix for $438 Million

Johnson & Johnson (JNJ Quote) signed a deal to acquire Omrix Biopharmaceuticals (OMRI Quote) for $438 million in cash.

Omrix is expected to operate as a stand-alone entity reporting through Johnson & Johnson's Ethicon subsidiary, a provider of suture, mesh, hemostats for surgery. In a statement Monday, Johnson & Johnson said the acquisition provides Ethicon with an "opportunity to strengthen its presence in active, biologic-based hemostats and convergent products for various surgical applications. "

Under the terms of the agreement, Johnson & Johnson will begin a tender offer to Omrix shares for $25 each. The tender offer is expected to close by the end of December. ...