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J&J to acquire Israel's Omrix for $465m

Tel Aviv, November 24, 2008

Johnson & Johnson Inc will acquire Israel's Omrix Biopharmaceuticals Inc for $27 a share, or a total of $465 million, the Globes financial news website said on Monday.

Omrix, which makes biosurgical sealants for the prevention of bleeding, or homeostasis, in surgery, is a partner of Johnson & Johnson unit Ethicon.

Ethicon has exclusive sales and marketing rights to Omrix's biosurgical products in the United States and the European Union.

A team from Ethicon was in Israel at the end of last week reviewing the company, the Globes report said.

Rumours of an acquisition sent Omrix's share price up 28 per cent to $21.16 on Nasdaq on Friday, Globes said.

A company spokeswoman declined to comment on the report.

Analysts have said that Omrix was a potential acquisition target for Johnson & Johnson.-Reuters

Tags: Medicine | Health | Johnson & Johnson | Omrix Biopharmaceuticals | Ethicon |

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