J&J gets Closure
This article was originally published in The Tan Sheet
Executive Summary
Manufacturer of Band-Aid Liquid Bandage and Dermabond topical adhesive is being acquired by Johnson & Johnson in a cash-for-stock exchange worth roughly $370 mil., the firms announce March 4. Closure will operate as a stand-alone entity reporting through J&J division Ethicon. Liquid Band-Aid sales grew roughly 20% over the prior-year period due to the domestic launch of the Skin Crack Gel line extension. However, sales were negatively impacted by private-label competition. J&J will incur a one-time, after-tax charge of $68 mil.; Closure shareholders will receive $27 for each outstanding share. The addition to the device unit closely follows J&J's purchase of Guidant in December...
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