The medical products giant Johnson & Johnson announced today its agreement to acquire Micrus Endovascular Corp. for approximately $480 million.

Micrus Endovascular, a California-based company, is a global developer and manufacturer of minimally invasive devices for hemorrhagic and ischemic stroke. The company will join Codman & Shurtleff, Inc., which is the neuro devices business of the DePuy Family of Companies within Johnson & Johnson.

"The merger represents an important strategic move in the neuro device space for us and a significant step forward in the delivery of technologies for the prevention and treatment of stroke," said Michael Mahoney, company group chairman for the DePuy Family of Companies, in a press release. "Together, Codman and Micrus Endovascular will offer clinicians and their patients a full range of stroke treatments and the potential to impact the condition in ways that could not be realized by either company alone."
The deal signifies the current importance of neuro products, health care investment bank Leerink Swann said in an email to investors. With the recent acquisition of ev3 by Covidien and the deal between Johnson & Johnson and Micrus Endovascular, "it seems clear that the neuro space has become one of the more attractive MedTech markets for would-be acquirers," Leerink analyst Rick Wise wrote.

Under the agreement's terms, Micrus Endovascular stockholders will get $23.40, a nearly 6 percent premium on Friday's closing price.

The transaction is expected to close in the second half of 2010.

Johnson and Johnson's stock dipped half a percent to reach around $60.30 per share in recent trading.

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