Johnson & Johnson to Acquire Micrus Endovascular

July 12, 2010—Johnson & Johnson (New Brunswick, NJ) and Micrus Endovascular Corporation (San Jose, CA) announced a definitive agreement whereby Micrus Endovascular will be acquired in a cash-for-stock exchange. The value of the transaction is estimated to be approximately $480 million as of the anticipated closing date. Both companies' boards of directors have approved the transaction, which is subject to government regulatory clearances, the approval of Micrus's stockholders, and other customary closing conditions. The transaction is expected to close in the second half of 2010.

Micrus Endovascular will join Codman & Shurtleff, Inc. (Raynham, MA), the neurological device business of the DePuy family of companies within Johnson & Johnson. Codman and Micrus Endovascular offer complementary technologies for treating cerebral aneurysms that are responsible for hemorrhagic stroke. The Codman neurovascular portfolio includes bare platinum coils, vascular reconstruction devices, and access devices. Micrus Endovascular is solely focused on the neurointerventional market, with their enhanced bioactive coils and the development of technologies for treating ischemic stroke and aneurysms. Cordis Corporation (Bridgewater, NJ) is also part of Johnson & Johnson.