Key Developments: Johnson & Johnson (JNJ)
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19 Jun 2013
$-1.50 (-1.74%)
$86.36
$86.43
$86.50
$84.80
8,288,594
9,762,765
$89.99
$66.14
Latest Key Developments (Source: Significant Developments)
Johnson & Johnson Announces Definitive Agreement To Acquire Aragon Pharmaceuticals Inc
Johnson & Johnson announced a definitive agreement to acquire Aragon Pharmaceuticals Inc, a privately-held, pharmaceutical discovery and development company focused on drugs to treat hormonally-driven cancers. The acquisition includes Aragon's androgen receptor antagonist program. Aragon's lead product candidate is a second generation androgen receptor signaling inhibitor, ARN-509, in Phase 2 development for castration resistant prostate cancer (CRPC). Under the terms of the agreement, Johnson & Johnson will make an upfront cash payment of $650 million, plus additional contingent payments of up to $350 million based on reaching predetermined milestones. The transaction is expected to close in the third quarter of 2013. Prior to closing, Aragon will transfer all assets other than its androgen receptor antagonist program to a newly formed company, which Aragon will spin off. Johnson & Johnson will not have an ownership stake in the new company nor retain any rights to these products or programs. The boards of directors of both Johnson & Johnson and Aragon have approved the transaction. Full Article
Johnson & Johnson's Janssen Pharmaceuticals Inc Recalls Cilest Birth Control Pills-Reuters
Reuters reported that Johnson & Johnson is voluntarily recalling about 32 million packages of its birth control pill Cilest in Europe, Asia and Latin America, a spokeswoman said. Cilest is manufactured by Janssen Pharmaceuticals Inc, a unit of Johnson & Johnson. Spokeswoman Michelle Romano said the recall of 179 batches was initiated because one active ingredient in Cilest did not lead to a defined specification in one routine internal test. Full Article
Johnson & Johnson To Submit More Than 10 New Drug Applications By 2017-WSJ
The Wall Street Journal reported that Johnson & Johnson's pharmaceutical unit plans to submit more than 10 new product applications by 2017. Now, J&J expects to seek approval in coming years for new treatments for rheumatoid arthritis, influenza and cancer, executives said Thursday in a meeting with analysts and investors near company headquarters in New Brunswick, N.J. Among the late-stage products for which it plans to file for regulatory approval are simeprevir for hepatitis C, ibrutinib and daratumumab for the treatment of hematologic malignancies, and sirukumab and guselkumab for immune-mediated diseases such as rheumatoid arthritis. Full Article
Johnson & Johnson Announces Dividend Increase Of 8.2%
Johnson & Johnson announced that Board of Directors has declared an 8.2% increase in the quarterly dividend rate, from $0.61 per share to $0.66 per share. The increase was announced this morning at the Annual Meeting of Shareholders in New Brunswick, NJ. Full Article
Fitch Affirms Johnson & Johnson's IDRs At AAA/F1+; Outlook Stable
Johnson & Johnson announced that Fitch Ratings has affirmed Johnson & Johnson's (JNJ) long-term AAA debt ratings. The Rating Outlook is Stable. In addition, Fitch has affirmed JNJ's short-term Issuer Default Rating (IDR) at F1+. The rating action reflects Fitch's expectation that JNJ's broad-based business model will generate improving operational and financial performance. Fitch anticipates that JNJ will operate with leverage consistent with AAA rating and solid liquidity, supported by cash balances and ample access to credit markets. Full Article
Johnson & Johnson Reaffirms FY 2013 EPS Guidance
Johnson & Johnson confirmed earnings guidance for fiscal 2013 of $5.35-$5.45 per share. The Company's guidance excludes the impact of special items. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EPS of $5.39 for fiscal 2013. Full Article
Johnson & Johnson's Cordis Corporation Announces Acquisition Of Flexible Stenting Solutions, Inc
Cordis Corporation announced it has completed the acquisition of Flexible Stenting Solutions, Inc., a developer of flexible peripheral arterial, venous and biliary stents. Terms of the acquisition were not disclosed. Cordis Corporation, part of the Johnson & Johnson family of companies. Financial terms were not disclosed. Full Article
Johnson & Johnson Sees Q1 2013 Charge Guidance
Johnson & Johnson announced that based on its preliminary assessment of the impact of the Venezuelan government's decision to devalue its currency effective February 13, 2013, that it expects to incur a charge of approximately $100 million to net income in the first quarter of 2013 or approximately a $0.04 negative impact to earnings per share. This charge is related to the remeasurement of the local balance sheet at the date of the devaluation and is not expected to impact earnings per share guidance for fiscal 2013 which was previously announced on January 22, 2013. Full Article
FDA recalls Johnson & Johnson's Orthopedic Device Because Of Fracture Potential-Reuters
Reuters reported that The U.S. Food and Drug Administration said it has notified healthcare professionals of a Class I recall, the most serious type, of an orthopedic device made by Johnson & Johnson. The device, called LPS Diaphyseal Sleeve, is used in reconstructive knee surgery. It was recalled because of the potential for fractures, the FDA said. The agency said it has received 10 reports of incidents in which the device has malfunctioned. The affected devices were manufactured by Depuy, J&J's orthopedic unit, from 2008 to July 20, 2012. Full Article
Johnson & Johnson Recalls More Metal Hip Implants-Reuters
Reuters reported that Johnson & Johnson has recalled a second type of metal hip component that it sold outside of the United States last month. J&J's DePuy unit told doctors in January that the Adept modular heads, a component used with its Adept metal-on-metal hip replacement device, should not be used after data showed that the devices were failing at a higher than expected rate, according to an emailed statement. The email said British data showed that the Adept implants needed to be replaced in about 12% of patients after seven years. An Australian patient registry showed a revision rate of 7% after three years. Full Article
J&J in $1 billion deal to bolster prostate-cancer focus
- Johnson & Johnson said it would pay up to $1 billion for Aragon Pharmaceuticals and its experimental drugs for prostate cancer, to bolster J&J's role in the field after it acquired another experimental prostate-cancer treatment four years ago that has become a leading brand.
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