[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.]
›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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