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.