One Equity Partners is on a shopping binge, it appears. The company, which recently purchased Prodigy Health Group for $110 million, has made an undisclosed offer to buyout the wound care portion of J&J's Ethicon division, which had $270 million in sales last year.
If the deal goes through, J&J will hand over the keys to its manufacturing facility in Gargrave England, along with an assortment of dressings and wound care products, including a prescription gel for diabetic leg ulcers. Ethicon's full-time 600 employees and 200 contractors would become employees of One Equity as part of the deal.
One Equity manages investments for JP Morgan Chase. The company gave J&J until August 22 to make a decision. Overall, Ethicon generated $3.5 billion in sales in 2007. The offer is irrevocable and unconditional. If J&J accepts, it will likely close this year.
- get the story [1] from the New York Times.
- read about the deals [2]at the DealBook blog
Related Articles:
Novartis' Gorsky to return to J&J [3]
J&J reorg anoints growth czar [4]
Links:
[1] http://biz.yahoo.com/ap/080701/johnson_johnson_sale.html?.v=1
[2] http://dealbook.blogs.nytimes.com/2008/07/02/one-equity-into-healing-wounds/
[3] http://www.fiercepharma.com/story/novartis-gorsky-to-return-to-jj/2008-02-15?utm_medium=rss&utm_source=rss
[4] http://www.fiercepharma.com/story/j-j-reorg-anoints-growth-czar/2007-11-15