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J&J/Alza acquisition

This article was originally published in The Tan Sheet

Executive Summary

Palo Alto, Calif.-based Alza will retain its name and management as a free-standing J&J company and will continue to develop new products for other pharmaceutical customers based on its advanced drug delivery technologies under the terms of a stock-for-stock merger transaction with J&J estimated at $10.5 bil. Alza developed technology used in NicoDerm CQ transdermal patch licensed by GlaxoSmithKline and also created 24-hour time-release pseudoephedrine technology employed by various OTC cough/cold remedies, including Warner-Lambert Consumer Group's Sudafed 24 Hour. Abbott Labs attempted to acquire Alza in 1999, but deal fell through because firms could not agree on divestiture plan with FTC. J&J agreement is anticipated to close early in third quarter
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