NEW BRUNSWICK, N.J. (

TheStreet

) --

Johnson & Johnson

(JNJ) - Get Report

plans to acquire

Acclarent

, a privately held medical technology company, for about $785 million.

Johnson & Johnson said Wednesday that Acclarent designs devices for the ear, nose and throat. It specializes in products used for sinus surgery.

Johnson & Johnson said the all-cash acquisition, to be made via its

Ethicon

subsidiary, is expected to close in the first quarter of 2010. The deal is expected to dilute Johnson & Johnson's adjusted earnings by 3 cents to 4 cents a share. Analysts surveyed by Thomson Reuters expect Johnson & Johnson to earn $4.93 a share in 2010.

Johnson & Johnson's Gary Pruden, group chairman for Johnson & Johnson with responsibility for the Ethicon business, said the "transaction represents an important growth opportunity for our business in an area where there were previously limited solutions available to patients."

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-- Reported by Joseph Woelfel in New York.

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