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.
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