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DewDiligence

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DewDiligence

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Re: genisi post# 67800

Monday, 11/24/2008 3:39:30 AM

Monday, November 24, 2008 3:39:30 AM

Post# of 257375
JNJ to Acquire OMRI for $27/sh in Cash

[Persistence pays, evidently: JNJ had tried to buy OMRI earlier this year but was spurned (#msg-31543332). The $27/sh buyout price is a 64% premium to OMRI’s Thursday close and a 28% premium to OMRI’s Friday close. The 64% figure represents the true premium insofar as OMRI was up sharply Friday on leakage of the pending deal.

JNJ markets OMRI’s Evithrom thrombin product that competes_barely—with Thrombin-JMI from KG and Recothrom from ZGEN.]

http://www.globes.co.il/serveen/globes/docview.asp?did=1000400772&fid=942

›By Shiri Habib-Valdhorn and Gali Weinreb
23 Nov 08 18:06

Sources inform ''Globes'' that Johnson & Johnson Inc. (NYSE: JNJ) has acquired Israeli biopharmaceutical company Omrix Biopharmaceuticals Ltd. (Nasdaq: OMRI), bringing to an end eight years of partnership between the two companies and several months of acrimonious negotiations and endless rumors.

Johnson & Johnson will reportedly pay $27 a share for Omrix, which develops and produces biosurgical sealants for the prevention of homeostasis in surgery, giving it a value of $465 million.

The rumors of an imminent sale broke at the end of last week, after a team from Ethicon Inc. the Johnson & Johnson subsidiary partnering with Omrix arrived in Israel and began a thorough review of the company. The rumors sent Omrix's share price up almost 30% on Friday to $21.20 in trading on Nasdaq.‹


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