J&J’s $21.3B Bid for Switzerland’s Synthes Topped Medical Device Deals in 2011 - cbl

Posted January 12, 2012

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By Bill Murphy

NEW BRUNSWICK, N.J. -- Johnson & Johnson's (NYSE: JNJ) $21.3 billion deal to acquire Switzerland's Synthes topped last year's deals among medical device companies, according to a listing by Fierce Medical Devices.

The New Brunswick, N.J.-based pharmaceutical and device titan offered to buy Synthes with cash and stock. The deal, currently being reviewed by European Union authorities, will make J&J a leader in the orthopedics market, Fierce Medical, an online industry publication, said.

According to Fierce Medical, there were 414 M&A transactions in the first 10 months of 2011 versus 262 in the same period in 2010. The aggregate value of the deals was higher at $60 billion, compared with $49.3 billion in the previous year.

The following were the top 10 deals according to Fierce Medical Devices:

#1. New Brunswick, N.J.-based Johnson & Johnson and Switzerland's Synthes Holding AG (SIX: SYST); $21.3 billion.

#2. Washington-based Danaher Corp. (NYSE: DHR) and Brea, Calif.-based Beckman Coulter (NYSE: BEC); $6.8 billion.
The deal, announced in early 2011, is the biggest to date for Danaher.

#3. U.K.'s Apax Partners and San Antonio, Texas-based Kinetic Concepts Inc. (NYSE: KCI), $6.30 billion.
London-based Apax Partners, the Canada Pension Plan Investment Board and the Public Sector Pension Investment Board are taking KCI private. The transaction's value includes outstanding debt, and values the company at $4.98 billion.

#4. Waltham, Mass.-based Thermo Fisher Scientific Inc. (NYSE: TMO) and Sweden's Phadia; $3.50 billion.
Thermo Fisher Scientific bought the Swedish diagnostics firm Phadia last May, continuing its buying spree.

#5. Chadds Ford, Pa.-based Endo Pharmaceuticals Inc. (Nasdaq: ENDP) and Minnetonka, Minn.-based American Medical Systems; $2.9 billion.
In April, Endo agreed to buy Minnetonka, AMS, a provider of devices and therapies for male and female pelvic health, for $30 per share, or about $2.9 billion in cash.

#7. Fort Worth, Texas-based TPG Capital and Norcross, Ga.-based Immucor Inc. (Nasdaq: BLUD); $2 billion.
The deal is TPG's biggest acquisition since it, along with Leonard Green & Partners, bought J. Crew for $3 billion.

#8. York, Pa.-based Dentsply International (Nasdaq: XRAY) and Sweden's Astra Tech AB; $1.80 billion.
The dental equipment maker's cash bid emerged the winner in a bid to buy AstraZeneca's Astra Tech unit.

Johnson & Johnson