Ethicon conducted a competitive bidding process to prepare for the divestiture of the Professional Wound Care business, and as a result of such process and receipt of the offer, has decided to grant exclusivity to One Equity Partners.
Under the terms of the offer, One Equity Partners will acquire the Professional Wound Care product portfolio, which contains such brands as Promogran matrix wound dressing, Tielle hydropolymer dressing and Regranex (becaplermin) gel 0.01%, a prescription treatment for lower extremity diabetic ulcers, as well as a portfolio of general wound care products.
Also included in the transaction will be an R&D and manufacturing facility located in Gargrave, England, which has long served as the operations center for the Professional Wound Care business.
The acceptance period for the offer will end on August 22, 2008, unless extended, and during such period Ethicon will consult with the relevant works councils and trade unions. If the offer is accepted, and the closing conditions are satisfied, the proposed transaction will be expected to close later in 2008.