Feb. 1, 2007 — Stockholders of Conor Medsystems, Inc. have approved the merger agreement between Conor and Johnson & Johnson and a wholly owned subsidiary of Johnson & Johnson, according to a release from Conor Medsystems today. The proposed transaction is expected to close within the next few days, subject to the satisfaction of the remaining closing conditions
Conor Medsystems develops innovative controlled vascular drug delivery technologies, and has primarily focused on the development of drug-eluting stents to treat coronary artery disease. The company’s unique DES design allows synergistic therapeutic drugs to be placed in “wells” rather than merely coated onto a stent — and though not yet FDA cleared in the U.S., the technology will likely be an advantageous addition to J&J’s Cordis stent company.
Under the terms of the merger agreement, Conor Medsystems' stockholders will be entitled to receive $33.50 for each outstanding share of Conor Medsystems common stock.
For further information on Conor Medsystems and controlled vascular delivery, visit www.conormed.com.