Johnson & Johnson to Acquire TransForm Pharmaceuticals, Inc.


Johnson & Johnson announced a definitive agreement under the terms of which it will acquire TransForm Pharmaceuticals, Inc., a privately held company that specializes in the discovery of superior formulations and novel crystalline forms of drug molecules. The cash-for-stock transaction is valued at approximately $230 million and is expected to close in the second quarter of 2005, subject to customary closing conditions and regulatory approvals.

"TransForm is a strong, strategic addition to our pharmaceutical research, discovery and development model," said Harlan Weisman, M.D., company group chairman, research and development, pharmaceuticals, at Johnson & Johnson. "The scientific expertise and intellectual property estate at TransForm provide value-creating opportunities across Johnson & Johnson's diverse pipeline and immediately expand our ability to create new therapies. We are also excited about welcoming the talented people in TransForm's research laboratories who can bring creative solutions to some of our drug development challenges."

Formed in 1999, TransForm currently has approximately 80 employees. Johnson & Johnson expects TransForm to remain in its headquarters in Lexington, MA, where TransForm has created a new facility housing its suite of technologies for the formulation and crystallization of pharmaceutical products.

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