Johnson and Johnson announces Mentor acquisition

Johnson & Johnson has said its new wholly owned subsidiary Maple Merger is commencing a cash tender offer.

The transaction is set to see the acquisition of all outstanding shares of common stock of Mentor Corporation.

Shareholders of Mentor will receive $31 (20.26 pounds) in cash for each share tendered in the offer.

The payment is without interest and less any required withholding taxes at the end of each transaction.

As a result of the deal, Mentor will operate as a standard alone business.

Earlier this month, Johnson & Johnson said studies on Rivaroxaban have shown the drug reduces the occurrence of symptomatic venous thromboembolism (VTE) and death.

The research into the product – part of the Record programme – is currently in joint development between the company and Bayer Healthcare.

Rivaroxaban was found to have reduced incidences of VTE by 50 per cent following knee or hip replacement surgery, in comparison to enoxaparin treatment regimens.

Speaking at the time, Dr Alexander Turpie, professor of medicine at McMaster University in Canada and principal investigator for the Record programme, said: “Swelling in the leg and shortness of breath are symptoms that can herald venous thromboembolism, which, in turn, can result in long-term complications or death.”