CINCINNATI, August 11, 2008 Ethicon Endo-Surgery announced today that it has entered into a definitive agreement to acquire SurgRx, a privately held developer of the advanced bipolar tissue sealing system used in the EnSeal family of devices. The acquisition will provide Ethicon Endo-Surgery with a new energy platform, which complements its HARMONIC line of ultrasonic medical devices that have been used to perform open and laparoscopic procedures worldwide.
Terms of the agreement were not disclosed. The transaction is subject to customary clearances, including the Hart-Scott-Rodino Antitrust Improvements Act and similar regulations in other countries.
"Ethicon Endo-Surgery and SurgRx share a commitment to innovation for the surgeons and patients who depend on our products," said Karen Licitra, Company Group Chairman and Worldwide Franchise Chairman, Ethicon Endo-Surgery. "Together, the combination of HARMONIC and EnSeal technologies will position us to better address many different procedure needs."
"The acquisition has the potential to expand the global availability of the EnSeal product line," said Rodney Perkins M.D., Chairman, Board of Directors, SurgRx. Dave Clapper, President & CEO, SurgRx added, "We are looking forward to joining forces with Ethicon Endo-Surgery to offer these complementary technologies to even more patients worldwide."
SurgRx was founded in 2002 and is located in Redwood City, Calif. The EnSeal family of devices combines high compression and controlled energy delivery to quickly create strong vessel seals. The EnSeal device, cleared by the FDA in 2003, is capable of sealing vessels up to 7mm in diameter.
About Ethicon Endo-Surgery
Ethicon Endo-Surgery, Inc., a Johnson & Johnson company, develops and markets advanced medical devices for minimally invasive and open surgical procedures, focusing on procedure-enabling devices for the interventional diagnosis and treatment of conditions in general and bariatric surgery, as well as gastrointestinal health, gynecology and surgical oncology. More information can be found at www.ethiconendo.com.
©2008 Ethicon Endo-Surgery, Inc.
HARMONIC is a trademark of Ethicon Endo-Surgery, Inc.
EnSeal is a trademark of SurgRx, Inc.
(This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from Ethicon Endo-Surgery's expectations and projections. Risks and uncertainties include the satisfaction of closing conditions for the acquisition, including receipt of regulatory approvals for the transaction, and the possibility that the transaction will not be completed; general industry conditions and competition; economic conditions, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; domestic and foreign health care reforms and governmental laws and regulations; and trends toward health care cost containment. A further list and description of these risks, uncertainties and other factors can be found in Exhibit 99 of Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended December 30, 2007. Copies of this Form 10-K, as well as subsequent filings, are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Ethicon Endo-Surgery does not undertake to update any forward-looking statements as a result of new information or future events or developments.)
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