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This article was originally published in The Tan Sheet

Executive Summary

Alza shareholders approve merger agreement June 21; deal closes following day. Alza shareholders will receive .98 shares of J&J common stock for each Alza share in transaction estimated at $10.5 bil. (1"The Tan Sheet" April 2, In Brief)

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J&J/Alza acquisition

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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