Johnson & Johnson Receives FTC Clearance of Proposed Acquisition of Guidant Corporation and Provides Update on Transaction in Li
02 Novembre 2005 - 3:34PM
PR Newswire (US)
NEW BRUNSWICK, N.J., Nov. 2 /PRNewswire-FirstCall/ -- Johnson &
Johnson (NYSE:JNJ) has been notified that the Federal Trade
Commission (FTC) has conditionally approved its proposed
acquisition of Guidant Corporation (NYSE:GDT). The FTC clearance is
conditioned upon Johnson & Johnson divesting certain rights and
assets of its businesses in drug-eluting stents, endoscopic vessel
harvesting products, and anastomotic assist devices. Johnson &
Johnson continues to view the previously announced product recalls
at Guidant and the related regulatory investigations, claims and
other developments as serious matters affecting both Guidant's
short-term results and long-term outlook. Johnson & Johnson
believes that these events have had a material adverse effect on
Guidant, and, as a result, that it is not required under the terms
of the merger agreement to close the Guidant acquisition. Johnson
& Johnson has had discussions with Guidant regarding a
restructuring of the terms of the transaction, although those
discussions have not resulted in any agreement between the
companies. Johnson & Johnson cannot assure that the companies
will resume those discussions or, if discussions do resume, whether
they will be able to reach agreement on revised terms that would
allow Johnson & Johnson to proceed with the transaction.
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 115,000 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
http://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.)
DATASOURCE: Johnson & Johnson CONTACT: Media Contact - Jeffrey
J. Leebaw, +1-732-524-3350, or Home, +1-732-812-6007; or Investor
Contacts - Helen E. Short, +1-732-524-1228, or Louise Mehrotra,
+1-732-524-6491, or Stan Panasewicz, +1-732-524-2524 Web site:
http://www.jnj.com/ Company News On-Call:
http://www.prnewswire.com/comp/467347.html
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