J&J Makes $129 Mill Surgical Co Acquisition
Johnson & Johnson of the USA is acquiring Mitek Surgical Products in a deal valued at around $129 million. J&J will make the purchase through a stock swap. Including employee stock options, the acquisition is valued at around $145 million.
J&J will pay $30 of its common stock for each Mitek common share, which run to around 4.3 million. At the time of the announcement, Mitek's share price increased $5.50 to $29 during trading, reports the Wall Street Journal. J&J shares were ahead $0.50 to $55.
Mitek manufactures specialized surgical implants which are used in conjunction with sutures. J&J has a unit, Ethicon Inc, which makes sutures.
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