Archive: June, 2012
Johnson & Johnson said Tuesday evening it plans to complete the largest acquisition in company history, the takeover of medical device maker Synthes, Inc., on Thursday, with the final price of about $19.7 billion in cash and stock.
The previously announced tentative price of $21.3 billion was subject to currency and stock prices at the time of closing.
J&J is based in New Brunswick, N.J., and has operations around the globe, including the Philadelphia region. Synthes has headquarters in Switzerland and in West Chester, Chester County.
The legal bill for Johnson & Johnson seems to be growing after Friday's announcement that it has set aside an extra $600 million to deal with litigation, much of it related to allegations of illegal marketing of the antipsychotic drug Risperdal.
J&J said last year in filings with the Securities and Exchange Commission that it was being investigated by the Justice Department.
The U.S. Federal Trade Commission Monday approved Johnson & Johnson's $21.3 billion purchase of medical device maker Synthes, Inc., assuming that J&J sells certain trauma products from its DePuy device division to Biomet, as J&J said it would.
The FTC looks for violations of antitrust laws, hoping to protect consumers from companies that create monopolies in a market. It was thought that FTC clearance was the last hurdle to what will be the largest acquisition in J&J's history and the company hoped to close the sale before its second quarter ends on June 30.
J&J is based in New Brunswick, N.J., and has operations around the globe, including the Philadelphia region. It's DePuy unit is part of J&J's medical device division.
GlaxoSmithKline said Friday morning it has extended its tender offer to buy all of the outstanding shares of Human Genome Sciences for $13.00 per share to June 29.
The original offer expired at midnight Eastern time Thursday night, June 7.
GSK's efforts to buy Human Genome Sciences, which is based in Rockville, Md., emerged publicly in April with a friendly offer to HGS management.
Johnson & Johnson said late Friday afternoon that it increased to $600 million the amount of money it has set aside to pay the civil fines it expects to pay to the federal government, which is investigating the company.
The federal prosecutors are looking at sales practices related to drugs such as the antipsychotic Risperdal and arrangements with nursing home pharmacy company, Omnicare Inc.
Previously, J&J said it has set aside $400 million to cover the potential fines for the civil charges expected in the federal case.
Pfizer said Thursday morning that it would spin off its animal health unit and call the standalone company Zoetis.
However, Pfizer will maintain control, so it's unclear how independent the new entity will be or how it will help Pfizer overall.
The name is pronounced zō-EH-tis, and the company said in a statement, is rooted "in zo, which is familiar in commonly known words such as zoo and zoology. It derives from zoetic, meaning 'pertaining to life,' and signals the company’s dedication to improving the health of animals across species and around the world based on the fundamental understanding that animal and human health are inextricably linked."
Some packages of the birth control pill Introvale were filled improperly, prompting a recall of 10 lots the drug, so that women are not impacted.
The blister packs holding the pills are usually made with rows of pills for each of 13 weeks. In the problematic lots, the placebo normally located in the the 13th row of blister packs, was also put in the ninth row, according to the announcement released by the U.S. Food and Drug Administration.
Sandoz, a Princeton-based generic branch of Novartis AG, produced the pills.
Synthes, Inc., the medical device manufacturer with headquarters in West Chester that is being bought by Johnson & Johnson, said in a statement Wednesday morning that its stock could be delisted from the Swiss Stock Exchange as early as June 14.
The provisional notice, subject to change, was issued early Wednesday because Synthes is traded on the Swiss stock exchange. The company was originally created by Swiss surgeons and chairman of the board Hansjorg Wyss remains a Swiss citizen. Synthes USA is registered in Delaware.
In April 2011, J&J agreed to buy Synthes for $21.3 billion, through a combination of stock and cash, payable in Swiss francs.