The Deal: Johnson & Johnson has signed a definitive agreement to acquire OraPharma Inc. for $85 million. Under the terms of the agreement, OraPharma shareholders will receive $7.41 per share. The deal is expected to close in the first quarter of 2003, subject to customary closing conditions and regulatory approval.
Discussion: OraPharma is a development-stage company that researches treatments for dental diseases. The company's initial product, Arestin, is a treatment for periodontitis, a leading cause of adult tooth loss. The company is also developing a treatment for oral mucositis, a condition that occurs frequently in patients receiving chemotherapy or radiation therapy.
Johnson & Johnson is one of the world's largest, most diversified health care product makers. The company makes prescription pharmaceuticals, medical devices and diagnostic equipment, and consumer products ranging from bandages to toothbrushes. The company owns a number of famous brands, including Tylenol, Motrin, ACUVUE contact lenses, and Band-Aid. Johnson & Johnson has 197 operating companies in 54 countries around the world and sells products in over 175 countries.
The acquisition of OraPharma is intended to broaden Johnson & Johnson's portfolio of oral health products. The deal will provide OraPharma more resources to fully realize the potential of Arestin and other OraPharma products.
Copyright NVST, Inc. Nov 18, 2002
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