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...He was global president of Johnson & Johnson’s DePuy Synthes Spine franchise. Willkie Farr & Gallagher has hired Caleb Vesey as a private equity partner in its Los Angeles office....
...Before Alere, Mr Nawana spent more than 15 years at Johnson & Johnson, including time as president of its DePuy Synthes spine business....
...DePuy Synthes was created following Johnson & Johnson’s $21.3bn takeover of Switzerland’s Synthes in 2012. The UK’s Smith & Nephew has mulled buying smaller rival NuVasive....
...The verdict includes $1bn in punitive damages against J&J and DePuy, a subsidiary, as well as $30m in actual damages for the plaintiffs, according to Mark Lanier, the lead attorney for the plaintiffs....
...It has not done a big deal since it bought Synthes in 2012. And mountains of debt could be added to get a deal done. The company has a rare AAA credit rating....
...Andrew Ekdahl, worldwide president of DePuy Synthes Joint Reconstruction, said: “The US settlement programme provides compensation for eligible patients without the delay and uncertainty of protracted litigation...
...The company took unspecified litigation charges, against a backdrop of continuing legal actions including compensation demands from users of its DePuy ASR artificial hip....
...Johnson & Johnson, the world’s largest healthcare company, started to see the benefits of last year’s acquisition of Synthes, as growing medical device sales boosted its third-quarter revenues....
...In the second quarter, J&J was hit by costs related to the closing of its deal last year to acquire Synthes, the medical device company....
...The company is also facing an onslaught of lawsuits related to faulty hip implants produced by its DePuy unit....
...Johnson & Johnson shares rose 1.3 per cent to $69.55 after the world’s largest healthcare company reported solid growth in revenues, due to sales from its medical device unit Synthes....
...S&P Capital IQ reiterated its “buy” rating for Johnson & Johnson, saying that the company’s acquisition of medical device producer Synthes had been given regulatory approval....
...DePuy, the division of J&J that Synthes would potentially join, made revenues of $5.6bn but supposedly lower profitability....
...People familiar with the situation said officials at SIX, the Swiss stock exchange, were examining a spike in Synthes’ shares before the deal was announced....
...Most subsequent deals have been more targeted on particular products or regions, such as Sanofi’s purchase of Genzyme in 2011, which specialises in “orphan diseases”; Johnson & Johnson’s purchase of Synthes...
...Consolidation is intensifying, including Johnson & Johnson’s recent $21bn purchase of Synthes of Switzerland....
...William Weldon, head of J&J, says ringingly of the accord: “DePuy and Synthes together will create the most innovative and comprehensive orthopaedics business in the world, and enable us to better serve...
...Johnson & Johnson has agreed a $21.3bn takeover of Switzerland’s Synthes to create the world’s leading orthopaedic devices group, reports the FT....
...Shares in Synthes rose more than 12 per cent in European markets on Monday, on speculation the deal could value it at $20bn....
...J&J booked $271m of charges related to its DePuy ASR, a hip replacement which had to be recalled....
...Some $516.1bn worth of deals was announced in the second quarter with Johnson & Johnson’s $21.2bn offer to acquire Swiss-based Synthes being the largest for the period....
...Last year J&J took after-tax charges of $922m due to lawsuits related to its DePuy ASR replacement hip, which was recalled, and other product liabilities and litigation....
...The net cost to J&J will be about $19.3bn, given that Synthes has about $2bn in cash....
...If Synthes is bought by Johnson & Johnson, it will dispel years of speculation about the plans of Hansjörg Wyss, the group’s publicity-shy guiding light....
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