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news.Conor Medsystems has said that its stockholders have approved the merger agreement with Johnson & Johnson.
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The proposed transaction is expected to close within the next few days, subject to the satisfaction of the remaining closing conditions. Johnson & Johnson has bought Conor Medsystems for approximately $1.4 billion.
Under the terms of the merger agreement, Conor Medsystems' stockholders will be entitled to receive $33.50 for each outstanding share of Conor Medsystems' common stock.
Conor Medsystems develops vascular drug delivery technologies, and has primarily focused on the development of drug-eluting stents to treat coronary artery disease.
As part of the takeover, Johnson & Johnson has acquired a controlled drug delivery technology. This technology is currently employed on the CoStar Stent System, a paclitaxel-eluting cobalt chromium stent with a bioabsorbable polymer.