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Johnson and Johnson buys insulin pump maker for $518m
Johnson and Johnson buys insulin pump maker for $518m
Date published: 20/12/2005
Johnson & Johnson (J&J)
has agreed to buy insulin pump maker
Animas Corporation for
$518 million, $24.50 per share. In a statement, the companies said that Animas
would continue to operate as a standalone company through J&J's
LifeScan subsidiary,
which produces monitoring systems for blood glucose levels.
It said
that the deal had been agreed by boards of directors at both companies, and
that it was now awaiting regulatory and shareholder approval. It is expected
that the deal will be completed by the first quarter of 2006.
"The
combination of Animas' insulin delivery systems and LifeScan's glucose
monitoring systems will allow us to offer more comprehensive disease management
solutions for our patients," said Eric Milledge, J&J group chairman.
"We have worked in partnership with Animas Corporation since 2003 and
know they share our commitment and passion for advancing the standards of care
for people with diabetes."
Dr Katherine D Crothall, CEO of Animas, said
that the deal enhanced the firm's "capacity to further contribute to the
management of [diabetes]".
Johnson & Johnson had planned to
purchase heart device maker Gudiant, but has found itself in a bidding war with
Boston Scientific, which made a larger bid for the company.
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