Johnson & Johnson to Acquire Heartport, Inc.

31-Jan-2001

Johnson & Johnson, the worldwide manufacturer of health care products, and Heartport, Inc., a manufacturer of less invasive cardiac surgery products, today announced that they have entered into a definitive agreement pursuant to which Johnson & Johnson will acquire Heartport.

The transaction will be accounted for under the purchase method and is valued at approximately $81 million. Heartport shareholders will receive $2.72 in Johnson & Johnson common stock for each outstanding share of Heartport.

Heartport, Inc., located in Redwood City, California, is one of the industry pioneers in developing, manufacturing and selling less invasive cardiac surgery products that enable surgeons to perform a wide range of less invasive open-chest and minimally invasive heart operations, including stopped heart and beating heart procedures.

Heartport will become a wholly owned subsidiary of Johnson & Johnson and will operate as a part of the Ethicon Worldwide franchise, which manufactures and markets surgical devices.

“The addition of Heartport demonstrates Johnson & Johnson’s expanding commitment to the cardiovascular market. It further broadens our worldwide offering of innovative surgical solutions for our customers and it provides Ethicon with a full complement of products to meet the cardiac surgeon’s needs in this rapidly growing segment,” said Dennis Longstreet, Company Group Chairman, Ethicon Worldwide.

“We believe this agreement best benefits our shareholders, surgeons and most of all their patients. Our goal has always been to bring the benefits of less invasive cardiac surgery to the widest possible patient population. We firmly believe Ethicon has been and is equally committed to that goal as well,” said Casey M. Tansey, Heartport’s President and Chief Executive Officer.

The transaction is subject to customary conditions, including approval by a majority of the shareholders of Heartport and Hart-Scott-Rodino clearance. The companies expect the transaction to be completed during the second quarter of 2001.

https://www.chemeurope.com/en/news/1071/johnson-johnson-to-acquire-heartport-inc.html