SOMERVILLE, N.J., July 1 /PRNewswire/ -- ETHICON, Inc., a Johnson & Johnson company, today announced it has received an irrevocable, unconditional offer from One Equity Partners to acquire the Professional Wound Care business. ETHICON conducted a competitive bidding process to prepare for the divestiture of the Professional Wound Care business, and as a result of such process and receipt of the offer has decided to grant exclusivity to One Equity Partners. The Professional Wound Care business generated annual net sales of approximately $270 million in 2007. Financial terms of the transaction are not being disclosed.
Under the terms of the offer, One Equity Partners would acquire the Professional Wound Care product portfolio, which contains such brands as PROMOGRAN(R) Matrix Wound Dressing, TIELLE(R) Hydropolymer Dressing and REGRANEX(R) (becaplermin) Gel 0.01%, a prescription treatment for lower extremity diabetic ulcers, as well as a portfolio of general wound care products. Also included in the transaction would be an R&D and manufacturing facility located in Gargrave, England, which has long served as the operations center for the Professional Wound Care business.
Established in 2001, One Equity Partners manages $8 billion of investments and commitments for JPMorgan Chase & Co. in direct private equity transactions. Partnering with management, One Equity Partners invests in transactions that initiate strategic and operational changes in businesses to create long-term value.
The acceptance period for the offer will end on August 22, 2008, unless
extended, and during such period ETHICON will consult with the relevant
works councils and trade unions. If the offer is accepted by ETHICON, the
proposed transaction will be subject to the fulfillment of certain
conditions, including, but not limited to, the receipt of applicable
anti-trust clearances. If the offer is accepted, and the closing conditions
are satisfied, the proposed transaction
|SOURCE ETHICON, Inc.|
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