Omrix Gets Acquired By J&J (OMRI, JNJ)

Health and Healthcare

Published: November 24, 2008 6:45 am

Last Updated: April 28, 2020 3:09 am

It looks as though not quite all the mergers are dead on the medical tech and biotechnology front. Johnson & Johnson (NYSE: JNJ) announced that it is acquiring Omrix Biopharmaceuticals, Inc. (NASDAQ: OMRI). The $438 million cash tender offer will pay $25.00 per share to Omrix holders.

Omrix is a fully integrated biopharmaceutical company that develops andmarkets biosurgical and immunotherapy products. It is expected tooperate as a stand-alone entity reporting through J&J’s ETHICON,Inc. unit, which is a provider of suture, mesh, hemostats and otherproducts for a wide range of surgical procedures.

The boards of directors of Johnson & Johnson and Omrix haveapproved the transaction. In addition, Robert Taub, Omrix’s Founder andChief Executive Officer, and entities controlled by Robert Taub, haveagreed to tender approximately 16% of Omrix’s outstanding shares in thetender offer. J&J sees an after tax charge of roughly $120 millionand expects this deal to close by the end of 2008.

Omrix closed at $21.16 on Friday, and its 52-week trading range is $8.99 to $38.18.

Jon C. Ogg
November 24, 2008

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