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pharmiweb.com today | 04 March 2015

Johnson & Johnson Announces Binding Offer from Cardinal Health to Acquire Cordis

Johnson & Johnson (NYSE:JNJ) today announced a binding offer from Cardinal Health to acquire its Cordis business for an aggregate value of $1.99 billion, consisting of $1.944 billion of cash proceeds from Cardinal Health plus approximately $46 million of retained net receivables.  Cordis is a leader in the development and manufacture of interventional vascular technology with 2014 net revenues of approximately $780 million....

“This initiative is part of our ongoing disciplined portfolio management approach to focus on our most promising opportunities to help patients and drive growth,” said Gary Pruden, Worldwide Chairman, Global Surgery Group, Johnson & Johnson. “Cordis has made significant contributions to the field of cardiovascular care, and we believe the business has a promising future with Cardinal Health, a company with which we have a long-standing relationship. We are grateful for the many contributions that Cordis employees have made over the years.”

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