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J&J buying Micrus for $480M

The Wall Street Journal, July 12, 2010

Johnson & Johnson said Monday it plans to bolster its lineup of stroke-prevention products by buying Micrus Endovascular Corp. for about $480 million, marking the latest deal in a neurovascular-device market that appears to be heating up. J&J's planned purchase of San Jose, CA-based Micrus comes weeks after rival Covidien PLC announced plans to buy Ev3 Corp., a Micrus rival, for $2.6 billion. Leerink Swann analyst Rick Wise said the Covidien-Ev3 combination may have spurred on J&J due to a hospital-purchasing trend of focusing more on bundled portfolios of products. Following these deals, "it seems clear that the neuro space has become one of the more attractive MedTech markets for would-be acquirers," Wise wrote in a research note.