JnJ presents clarification on Guidant Corporation civil suit

08 Nov '05

2 min read

Multi-national company Johnson & Johnson has been notified that Guidant Corporation has filed a civil suit against Johnson & Johnson in the United States District Court for the Southern District of New York. The complaint alleges that Johnson & Johnson is required to complete the acquisition of Guidant under the merger agreement the companies entered into in December 2004.

Johnson & Johnson believes that it is not required under the terms of the merger agreement to close the Guidant transaction. The Company views the previously announced product recalls at Guidant and the related regulatory investigations, claims and other developments as serious matters affecting both Guidant's short-term results and long-term outlook. Johnson & Johnson believes those events have had a material adverse effect on Guidant and, as a result, that it is not required to close the acquisition.

Johnson & Johnson will vigorously oppose the lawsuit and take all necessary action to enforce its rights under the merger agreement.

World's leading comprehensive firm Johnson & Johnson is the world's most comprehensive and broadly based manufacturer of health care products, as well as a provider of related services, for the consumer, pharmaceutical and medical devices and diagnostics markets. The more than 200 Johnson & Johnson operating companies employ approximately 115,000 men and women in 57 countries and sell products throughout the world.

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