US healthcare group Johnson & Johnson (J&J) has offered concessions to the European regulator in order to gain its approval for its $21.3-billion proposed acquisition of Swiss medical device maker Synthes Inc.
The European Commission (EC) yesterday said J&J has offered concessions for its proposed acquisition of Synthes, without elaborating what concessions were offered by J&J.
In April 2011 J&J, the world's second-largest seller of health products after Pfizer, had agreed to buy Synthes, in a cash-and-stock deal worth around 21.3 billion (19 billion Swiss francs) (See: J&J to buy Swiss medical devices maker Synthes for $21.3 billion)
Synthes will be the biggest acquisition in the New Brunswick, New Jersey-based company's 125-year history.
After extending its deadline by 10 working days to assess the concessions, the Brussels-based 27-country European Union regulator said it would decide by 26 April whether to approve the deal or not.
Synthes, which reported 2010 sales of $3.7 billion, manufactures artificial spine discs and also makes nails, screws and plates for orthopaedics.