by Lynn Shapiro
, Writer | January 06, 2009
Johnson & Johnson said it has completed its tender offer for shares of Omrix Biopharmaceuticals Inc., a New York-based maker of sealants used to control bleeding during surgery.
The $438 million acquisition, initially announced November 24, 2008, is meant to broaden J&J's Ethicon surgical products division. Before buying Omrix, J&J had been a backer of Omrix's technologies, including its experimental fibrin-based products being explored for tissue engineering and repair as well as soft tissue fixation, according to UBS investment analyst, Erik Schneider, who had given the company a "buy" rating.
J&J said Omrix shareholders tendered about 97.8 percent of shares in response to the J&J offer that expired on midnight, January 2, 2009. Remaining shares will be converted into the right to receive $25 in cash for each Omrix share.
Boards of both companies have approved the deal, as has the Israeli government. Omrix's manufacturing facilities are located in Tel Aviv.