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Johnson & Johnson Announces European Commission Clearance of Guidant Acquisition
New Brunswick, New Jersey (ots/PRNewswire) - Johnson & Johnson (NYSE: JNJ) has been notified that the European Commission has cleared its proposed acquisition of Guidant Corporation (NYSE: GDT).
In conjunction with the Commission's clearance, Johnson & Johnson has agreed to divest its Cordis steerable guidewires business in Europe and the Guidant Endovascular Solutions business in Europe. Remedies addressing overlap in the endoscopic vessel harvesting product lines are also being pursued.
The proposed transaction is also being reviewed by other regulatory authorities, including the Federal Trade Commission in the United States. The Company expects a decision by the FTC in October. Johnson & Johnson also continues to work with Guidant to understand and evaluate the impacts of the various field actions announced by Guidant during the past several months.
Johnson & Johnson is the world's most comprehensive and broadly based manufacturer of health care products, as well as a provider of related services, for the consumer, pharmaceutical, and medical devices and diagnostics markets. The more than 200 Johnson & Johnson operating companies employ approximately 113,800 men and women in 57 countries and sell products throughout the world.
(This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from the Company's expectations and projections. Risks and uncertainties include general industry conditions and competition; economic conditions, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; domestic and foreign health care reforms and governmental laws and regulations; and trends toward health care cost containment. A further list and description of these risks, uncertainties and other factors can be found in Exhibit 99(b) of the Company's Annual Report on Form 10-K for the fiscal year ended January 2, 2005. Copies of this Form 10-K, as well as subsequent filings, are available online at www.sec.gov or on request from the Company. The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments.)
For more information on Johnson & Johnson, please visit the Company's website at http://www.jnj.com.
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ots Originaltext: Johnson & Johnson
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