The Deal: Johnson & Johnson has agreed to purchase Alza Corp. for $12 billion in stock. The acquisition is a move by Johnson & Johnson to gain several fast-selling drugs and technology that can improve medicines. After news of the transaction was announced, shares of Johnson & Johnson fell $2.13 to $83.25, while Alza shares rose 25 cents to close at $39.
Discussion: Alza designs controlled-dosage drug-delivery systems, which range from skin patches to low-current electric devices that administer drugs through the skin. Key drugs that use Alza's technology include Procardia XL oral angina/hypertension treatment, number one smoking cessation patch NicoDerm CQ and over-the-counter allergy medication Sudafed 24. Alza also develops drugs for its own account, including Ditropan XL for overactive bladder, and cancer treatment Doxil.
Johnson & Johnson is one of the world's largest, most diversified health care product makers. The company operates in three sectors: Consumer products such as Tylenol and Motrin analgesics, Reach toothbrushes and Band-Aid bandages; professional products like ACUVUE contact lenses, surgical instruments and joint replacements; and pharmaceuticals such as Ergamisol cancer treatment and Ortho-Novum oral contraceptives.
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