Four Decades for Justice
March 04, 2015
On March 2, 2015, Johnson & Johnson announced a binding offer from Cardinal Health to acquire its Cordis business for an aggregate value of $1.99 billion, consisting of $1.944 billion of cash proceeds from Cardinal Health plus approximately $46 million of retained net receivables. Cravath is representing Johnson & Johnson in connection with this transaction. The acceptance period for the offer will end on May 30, 2015, unless extended. If the offer is accepted, the proposed transaction would be expected to close towards the end of 2015, subject to customary closing conditions and regulatory approvals.
The Cravath team was led by partner Robert I. Townsend III and included associate Nicholas A. Dorsey on M&A matters; partner Eric W. Hilfers, senior attorney Jarrett R. Hoffman and associate Matthew J. Bobby on executive compensation and benefits matters; partner David J. Kappos and associate Nicholas A. Jackson on intellectual property matters; and partner Matthew Morreale on environmental matters. Adam J. Gross also worked on M&A matters.
Deals & Cases
November 01, 2022
On November 1, 2022, Johnson & Johnson and Abiomed, a leader in breakthrough heart, lung and kidney support technologies, announced that they have entered into a definitive agreement under which Johnson & Johnson will acquire through a tender offer all outstanding shares of Abiomed, for an upfront payment of $380 per share in cash, corresponding to an enterprise value of approximately $16.6 billion which includes cash acquired. Abiomed shareholders will also receive a non-tradeable contingent value right (“CVR”) entitling the holder to receive up to $35 per share in cash if certain commercial and clinical milestones are achieved. Cravath is representing Johnson & Johnson in connection with the transaction.
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