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news.Johnson & Johnson has been cleared to buy stent maker Conor Medsystems, after the US Federal Trade Commission granted an early termination of the waiting period under the Hart-Scott-Rodino Antitrust Act.
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The proposed transaction remains subject to other customary closing conditions, including approval of the transaction by Conor Medsystems' stockholders. The companies hope to close the $1.4 billion transaction after a special meeting of Conor Medsystems' stockholders scheduled for January 31.
The acquisition of Conor by Johnson & Johnson will provide Cordis Corporation, a Johnson & Johnson subsidiary, with a unique controlled drug delivery technology. This technology is currently employed on Conor's CoStar stent system, a paclitaxel-eluting cobalt chromium stent with a bioabsorbable polymer. The CoStar stent is currently sold outside the US, and enrollment in its US pivotal clinical trial has been completed.