September 29, 2011
In the Region J&J pays Merck $175M, ends venture Johnson & Johnson and Merck & Co. agreed to end a 22-year-old joint venture that sold consumer pharmaceutical products such as Pepcid and Mylanta brands. Both companies have big operations in the Philadelphia area. J&J, through its McNeil Consumer Healthcare division, will pay Merck $175 million, continue to market those products in the United States and Canada, and take full ownership of the factory in Lancaster.
September 28, 2011
Johnson & Johnson and Merck & Co. agreed to end a 22-year-old joint venture that sold consumer pharmaceutical products such as Pepcid and Mylanta brands. Both companies have big operations in the Philadelphia are. J&J, through its McNeil Consumer Healthcare division, will pay Merck $175 million, continue to market those products in the U.S. and Canada, and take full ownership of the factory in Lancaster. The new name for that business will be McNeil Consumer Pharmaceuticals Co. Merck still keeps rights to those products outside the U.S. and Canada.
September 9, 2011 |
WASHINGTON - The Senate on Thursday passed an overhaul of the U.S. patent system that President Obama has called crucial to his administration's effort to boost job growth. In an 89-9 vote, it cleared a bill passed by the House in June that would fundamentally alter the way patents are reviewed and mark the biggest change to U.S. patent law since at least 1952. The measure, called the America Invents Act, now heads to the White House for Obama's signature. The legislation would let the U.S. Patent and Trademark Office set its own fees and exercise greater control over its budget, providing the agency with more funding to address a backlog of nearly 700,000 applications awaiting first review.
August 9, 2011
Synthes Inc., which is being purchased by Johnson & Johnson for $21.3 billion, said second-quarter sales rose 11.2 percent, to $992 million. Synthes, a medical device maker, is based in Switzerland but has headquarters in the West Chester area. The company did not report net income for the quarter, but it said profit for the first six months of 2011 rose 7 percent from the same period a year ago, to $454.4 million, or $3.83 per share, on sales of $1.98 billion. J&J and Synthes announced their deal in April.
July 20, 2011 |
Johnson & Johnson said its second-quarter profit dropped 20 percent compared with a year ago because of recalls, restructuring, and research investments, among myriad factors affecting the global health-care giant. J&J, which has its headquarters in New Brunswick, N.J., and has operations in several Philadelphia suburbs, exceeded reported estimates by Wall Street analysts, but the stock finished down 37 cents at $66.72 in trading on the New York Stock Exchange. J&J's McNeil Consumer Healthcare division is still a problem for the company because the Fort Washington plant has been closed since April 2010 after an FDA investigation.
July 9, 2011 |
Synthes Inc. solicited bids from nine companies and then six private equity firms before agreeing to be bought by health-care giant Johnson & Johnson Inc. for $21.3 billion, according to a J&J filing with the Securities and Exchange Commission. Synthes is a global manufacturer of medical devices, with five facilities in Chester County, but its headquarters is in Switzerland and the company's shares trade on the Swiss stock exchange. The sale was announced April 27 of this year, which has prompted three lawsuits from Synthes shareholders hoping for more.
June 15, 2011
Cordis Corp., Bridgewater, N.J., said it will stop developing a new type of heart stent and cease manufacturing another type by the end of 2011 to focus on other cardiovascular therapies with higher profit potential. As a result, the company - a subsidiary of Johnson & Johnson - will close two factories, one in Ireland and another in Puerto Rico, and will consolidate operations at its research and development facility in California. The company said 900 to 1,000 workers will be laid off. The restructuring will cause a $500 million to $600 million charge in J&J's second quarter.
April 20, 2011 |
Johnson & Johnson officials said Tuesday that the yearlong problems at the company's McNeil Consumer Healthcare plant in Fort Washington hurt first-quarter earnings, but they offered no specific comment on a possible merger with Synthes, which has facilities in West Chester. Johnson & Johnson reported a 23.2 percent drop in earnings in the first quarter, compared with the same period in 2010. Dominic Caruso, the company's vice president for finance and chief financial officer, said in a conference call with analysts that the company was doubling its projected cost per share from 6 cents to 12 cents to account for the effect of the problems at the McNeil facility.
April 19, 2011 |
The existence of talks aimed at a possible merger of Johnson & Johnson and Synthes was confirmed Monday by Synthes, which has major operations in Chester County. Synthes is a global manufacturer of medical devices with headquarters in Switzerland and West Chester and four facilities in West Chester and one in Paoli. The company is one of the dominant players in the field of repairing bones, especially in the spine and those broken by trauma. That means plates and screws, compounds, and medical power tools.