Johnson & Johnson Announces Completion of Merger with Heartport, Inc.
New Brunswick, NJ and Redwood City, CA (April 18, 2001) -- Johnson & Johnson (NYSE: JNJ), the worldwide manufacturer of health care products, and Heartport, Inc. (NASDAQ: HPRT), a pioneer in less invasive cardiac surgery, today announced the completion of their previously announced merger, valued at approximately $81 million. The transaction was completed after Heartport shareholders voted to approve the merger agreement with Johnson & Johnson.
A wholly-owned Johnson & Johnson subsidiary has been merged with and into Heartport. Heartport will operate as part of the CARDIOVATIONS division of Ethicon, Inc., a Johnson & Johnson company. Ethicon is a global leader in developing and marketing products for surgery in the areas of wound closure and wound management, surgical sports medicine, women’s health and cardiovascular surgery.
Heartport manufactures and markets less invasive cardiac surgery products that enable surgeons to perform a wide range of less invasive open-chest and minimally invasive heart operations, including stopped heart and beating heart procedures.
“This merger creates a new force in cardiac surgery and further solidifies Johnson & Johnson’s commitment to this growing and important health care segment,” said Dennis N. Longstreet, company group chairman, Ethicon Worldwide.
Holders of Heartport common stock will receive 0.0307 in Johnson & Johnson common stock for each outstanding share of Heartport. Johnson & Johnson intends to purchase the number of shares of Johnson & Johnson common stock equal to the number of such shares issued in connection with this merger. Johnson & Johnson intends to complete such purchases through open market transactions within 90 days.
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