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Johnson & Johnson acquires Mentor for $1.07bn

Johnson & Johnson has announced that it will acquire Mentor Corporation, a leading supplier of medical products for the global aesthetic market, for around $1.07bn

Johnson & Johnson (J&J) has announced that it will acquire Mentor Corporation, a leading supplier of medical products for the global aesthetic market, for around $1.07bn.

It is expected that Johnson & Johnson will run Mentor as a stand-alone business unit reporting through Ethicon, a J&J company providing suture, mesh and other products for a wide range of surgical procedures. The acquisition of Mentor will allow Ethicon to strengthen its position in aesthetic and reconstructive medicine.

Alex Gorsky, company group chairman for Johnson & Johnson with responsibility for the Ethicon business worldwide, said: "The addition of Mentor, a market-leader and one of the most respected companies in the aesthetic space, expands our capacity to provide physicians with products that can restore patients' appearance, self-esteem and quality of life. Ethicon is a company that is committed to bringing evidence-based medicine and the highest standards of quality to the aesthetic and reconstructive medical device category. Mentor also shares that commitment to science, health and wellness."

Under the terms of the agreement, J&J will commence a tender offer to buy all remaining shares in Mentor for $31.00 each. The transaction is expected to close in Q1 2009.

1st December 2008

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