Ethicon Announces Agreement To Acquire NeuWave Medical, Inc.
Ethicon Announces Agreement To Acquire NeuWave Medical, Inc.
CINCINNATI, OH. – March 7, 2016 – Ethicon, a medical device company of the Johnson & Johnson family of companies, today announced a definitive agreement to acquire NeuWave Medical, Inc., a privately held medical device company that manufactures and markets minimally invasive soft tissue microwave ablation systems. Their products are currently used by physicians in over half of the top cancer centers in the United States. This acquisition is consistent with the Johnson & Johnson Medical Devices’ strategy of advancing innovation and investing in areas of unmet medical needs such as surgical oncology. Financial terms of the transaction have not been disclosed.
NeuWave Medical’s ablation technology was originally developed by physicians and microwave scientists from the University of Wisconsin to maximize energy delivery to tissue, minimize invasiveness and provide physician-friendly workflow. NeuWave Medical’s Certus ® 140 ablation system’s high-powered computer and intuitive touchscreen interface enables activation of single or simultaneous multiple probe procedures for patients with soft tissue lesions. This allows physicians to effectively tailor ablations for lesions of varying shapes and sizes. NeuWave Medical’s probe family includes conventional probes and the only Precision™ PR probe to limit the ablation length, allowing precise and controlled ablations.
“We continue to work to push the boundaries of access and treatment for patients for whom traditional surgery may not be an option today,” said, Michael del Prado, Group Company Chairman of Ethicon. “The market-leading technology and expertise that NeuWave Medical has developed is minimally invasive and can be combined with other therapies to improve outcomes for patients. Additionally, for healthcare systems, this offering can potentially translate to a lower overall financial burden.”
The closing of the transaction is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. The transaction is expected to close during the second quarter of 2016.
From creating the first sutures, to revolutionizing surgery with minimally invasive procedures, Ethicon has made significant contributions to surgery for more than 60 years. Our continuing dedication to Shape the Future of Surgery is built on our commitment to help address the world’s most pressing health care issues, and improve and save more lives. Through Ethicon’s surgical technologies and solutions including sutures, staplers, energy devices, trocars and hemostats and our commitment to treating serious medical conditions like obesity and cancer worldwide, we deliver innovation to make a life-changing impact. Learn more at www.ethicon.com, and follow us on Twitter @Ethicon. Ethicon represents the products and services of Ethicon, Inc., Ethicon Endo-Surgery, Inc. (the signing party) and certain of their affiliates.
About Johnson & Johnson
Caring for the world one person at a time inspires and unites the people of Johnson & Johnson. We embrace research and science - bringing innovative ideas, products and services to advance the health and well-being of people. Our approximately 128,000 employees at more than 265 Johnson & Johnson operating companies work with partners in health care to touch the lives of over a billion people every day, throughout the world.
Cautions Concerning Forward-Looking Statements:
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding the potential acquisition of NeuWave Medical, Inc. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Ethicon, Inc., Ethicon Endo-Surgery, Inc. and Johnson & Johnson. Risks and uncertainties include, but are not limited to: the satisfaction of closing conditions for the acquisition, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act; the possibility that the transaction will not be completed or, if completed, not completed in the expected timeframe; the potential that the expected benefits and opportunities may not be realized or may take longer to realize than expected; competition, including technological advances, new products and patents attained by competitors; challenges to patents; uncertainty of commercial success for new products; the ability of the company to successfully execute strategic plans; impact of business combinations and divestitures; challenges inherent in new product development, including obtaining regulatory approvals; economic conditions, including currency exchange and interest rate fluctuations; changes to applicable laws and regulations, including tax laws and global health care reforms; adverse litigation or government action; changes in behavior and spending patterns or financial distress of purchasers of health care products and services; and trends toward health care cost containment. In addition, if and when the transaction is consummated, there will be risks and uncertainties related to the ability of the Johnson & Johnson family of companies to successfully integrate the products, employees and operations of NeuWave Medical, Inc., as well as the ability to ensure continued performance or market growth of NeuWave Medical, Inc.’s products. A further list and description of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended January 3, 2016, including in Exhibit 99 thereto, and the company’s subsequent filings. Copies of these filings are available online atwww.sec.gov, www.jnj.com or on request from Johnson & Johnson. Ethicon, Ethicon Endo-Surgery, Inc. and Johnson & Johnson do not undertake to update any forward-looking statement as a result of new information or future events or developments.