Johnson & Johnson, New Brunswick, said today that it reached agreement to buy Micrus Endovascular Corp. for an estimated $480 million, subject to regulatory approval in the United States and other countries.
Micrus shareholders, who also must approve the deal, will receive $23.40 for each share of stock they own.
Micrus, San Jose, Calif., was founded in 1996 and makes implantable and disposable medical devices to treat stroke, brain aneurysms and other cerebral vascular diseases.
Johnson & Johnson said the acquisition, which is expected to close by the end of 2010, will slightly dilute its earnings per share for the year. The pharmaceutical company has operations in the Philadelphia area, including McNeil Consumer & Specialty Pharmaceuticals in Fort Washington, Centocor Inc. in Horsham, and a research unit in Spring House. - Paul Schweizer