Conor shareholders J&J OK buyout |
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Wed, 31 Jan 2007 23:12
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MENLO PARK, Calif. (AFX) - Conor Medsystems Inc. said Wednesday that stockholders have approved a $1.4 billion takeover of the company by Johnson & Johnson Inc.The deal gives shareholders $33.50 for each share of outstanding stock. The companies expect the closing to occur in the next few days.The acquisition gives J&J's Cordis franchise a next-generation drug-coated stent called the CoStar, which is sold outside the U.S., and is currently in U.S. clinical trials. J&J now sells the Cypher drug-coated stent, which competes with Boston Scientific Corp.'s Taxus line.Stents are tiny wire mesh tubes expanded inside plaque-congested heart arteries to act as scaffolding, and keep the them open. Best-selling stents are coated with drugs to help prevent the artery from reclogging by keeping tissue from growing through the mesh.The company claims that the CoStar, which uses paclitaxel, is different from other drug-coated stents, in that it uses tiny reservoirs built into the stent to release the drug.Conor shares rose 13 cents to $33.35 in electronic after-hours activity, after climbing 8 cents to close at $33.22 on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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