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J&J buys Mentor for $1.07 billion

This article was originally published in Scrip

Executive Summary

Johnson & Johnson is buying Mentor Corporation, a US company specialising in aesthetic and reconstructive medical products, for $1.07 billon to boost its presence in the medical area. J&J will start a tender offer to acquire remaining Mentor stock for $31 per share. Mentor will operate as a stand-alone business unit reporting through Ethicon, J&J's surgical procedures division. J&J predicts that the transaction, which is expected to close in the first quarter of 2009, will dilute its 2009 EPS by around $0.03-0.05. The net value of the deal, including debt, is valued at $1.12 billion. Mentor's share price rose to $16.15 on December 1st, up by $0.40 from November 28th. Just last week, J&J announced the acquisition of Omrix Biopharmaceuticals, a manufacturer of protein-based biosurgery and passive immunotherapy products, which will report through Ethicon (Scrip Online, November 25th, 2008).

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