September 30, 2014
NEW YORK (AP) - Johnson & Johnson is buying medical device maker Micrus Endovascular for about $480 million, adding to the health care company's range of treatments for stroke and brain aneurysms.
Johnson & Johnson says it is paying $23.40 per share, marking a 5.5 percent premium to Micrus' closing price on Friday.
Both companies boards approved the deal, though it still needs shareholder approval.
Micrus, based in San Jose, Calif., makes a range of devices aimed at treating ischemic stroke and aneurysms.
The deal is expected to close during the second half of 2010, and Johnson & Johnson of New Brunswick, N.J., says it could be slightly dilutive to earnings per share.
Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.