Dynamic Healthcare M&A Database

Acquiring Party	Johnson & Johnson (JNJ), a large diversified medical device and consumer products company.
Transferring Party	Conor Medsystems Inc. (CONR), a maker of drug eluding stents.
Sector	Medical Devices
Date	February 5, 2007
Analysis After losing to Boston Scientific on the Guidant deal, Conor provides immediate muscle to J&J's drug-eluting stent pipeline, but the Conor stent is now sold outside the U.S. with only investigational device clearance in the U.S. The stent employs a unique reservoir drug-delivery technology, enabling site-specific drug delivery as well as the potential for delivery of multiple therapeutic agents that may be useful in the treatment of cardiovascular, peripheral vascular and neurovascular diseases. Deal value - $1.4b. Conor's revenue is $28m and, because of R&D, has an operating loss.
The Walden Group is a leading healthcare investment banking firm specializing in mergers, acquisitions and strategic transactions. It also invests its own funds and, together with its expert operational partners, provides value-added services to help special companies reach critical milestones. This information is copyright © 2004-2007 The Walden Group, Inc. This information is provided as a service to the public but remains the intellectual property of The Walden Group, Inc and may not be reproduced in any manner without the written permission of The Walden Group, Inc. The information contained in the transactions table was derived from publicly available and other sources. Transaction analysis and other information are based, in part, upon public comments, Walden Group research and judgments, and reporting and research of others. The information is not intended to be relied upon as pronouncements by the transaction participants or for any other reason.

Dynamic Healthcare M&A Database - 1Q07