JNJ-Conor Deal Cleared by FTC

The Johnson & Johnson purchase of Menlo Park, CA-based Conor Medsystems received clearance from the FTC for the $1.4 billion acquisition.

The deal is still subject to other customary closing conditions, including approval by Conor stockholders. The acquisition is expected to close in the first quarter, after the remaining conditions are satisfied and a special meeting of Conor stockholders happens on Jan. 31.

The New Brunswick, NJ medical device manufacturer said the transaction would give its Cordis unit the controlled drug delivery technology used on the CoStar Stent System – a paclitaxel-eluting cobalt chromium stent with a bioabsorbable polymer.

Conor’s CoStar Stent uses reservoir drug-delivery technology that enables site-specific drug delivery as well as the potential for delivery of multiple drugs that may be useful in the treatment of cardiovascular, peripheral vascular and neurovascular diseases.

Conor will operate as part of the Cordis franchise.