It has been unveiled through a latest report that the $21 billion takeover of medical device maker Synthes by Johnson & Johnson group has been approved by the Federal Trade Commission too.
Synthes headquartered in Switzerland and in West Chester has been taken over by Pa. Johnson & Johnson (NYSE: JNJ), which is located in New Brunswick, N. J. The decision to buy the Swiss orthopedic device maker was taken by the health care giant last year in its biggest deal.
As per the findings, the commission has now been asking Johnson & Johnson to sell its system used for treating serious wrist fractures so that it may compete against Biomet Inc. This is being done as a condition of $21.3 billion bid put for medical-device maker Synthes Inc.
The approval is only being seen because the company has agreed to sell DVR, to Biomet Inc. of Warsaw, Ind. It is being said that in the absence of the same, 70% of the market for these systems would have been controlled by the two companies only.
"Johnson & Johnson will sell its system for surgically treating serious wrist fractures, and related assets, to Biomet Inc as a requirement for approval”, sources have unfolded.
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