GUANGZHOU, China (May 2, 2012) – Johnson & Johnson (China) Investment Ltd. today announced it has acquired Guangzhou Bioseal Biotech Co., Ltd. (Bioseal), a privately held biopharmaceutical company specializing in the design, development and commercialization of a porcine plasma-derived biologic product for controlling bleeding during surgery. The acquisition was completed after obtaining all necessary Chinese Government approvals. Financial terms of the transaction are not being disclosed.
“This transaction reinforces our commitment to China and delivering innovative medical device solutions to the Chinese market”, said Xie Wen Jian President of Johnson & Johnson Medical China. “We are very pleased to add the BIOSEAL™ brand to our growing portfolio of hemostasis products in China and we look forward to working with our new Bioseal colleagues to bring their innovative products to more physicians and patients.”
Bioseal manufactures a porcine-derived fibrin sealant, BIOSEAL™, currently the only porcine plasma-derived fibrin sealant approved for use in China. Fibrin sealants are used by surgeons as an adjunct to hemostasis for use in patients undergoing surgery, when control of bleeding by standard surgical techniques is ineffective or impractical.
Bioseal will work closely with Ethicon, Inc., a Johnson & Johnson company, which offers the world’s most complete line of absorbable hemostats with a commitment to advancing the future of biosurgery beyond hemostasis, to seal leaks, join structures and enhance healing. Ethicon biosurgery brands already on the market in China include SURGICEL® and SURGIFLO®.
“By adding Bioseal to the existing line of Ethicon hemostasis products sold in China, we aspire to shape the broader biosurgery market in Asia by providing physicians and their patients with an even greater variety of innovative and clinical-based solutions to address bleeding, sealing and leaking challenges,” said Michael del Prado, Company Group Chairman, Johnson & Johnson Medical Asia Pacific.
This is the first acquisition in the medical device industry for Johnson & Johnson (China). The corporation has been doing business in China for more than 25 years, including establishing a new innovation center in China last year to design and develop medical devices and diagnostic products specifically for Asia’s emerging markets. This acquisition reinforces our long-standing commitment to providing medical solutions in Asia that help to improve the standard of health care for millions of people in the region.
The acquisition of Bioseal will complement Ethicon’s existing biosurgery portfolio and will allow the business to immediately enter the fibrin sealant market in China, broaden product offerings and create an opportunity to increase global reach by introducing advanced biologic solutions that meet the various needs of more physicians and patients, throughout Asia and around the world.
About Johnson & Johnson (China) Investment Ltd.
Johnson & Johnson (China) Investment Ltd. is a foreign investment entity established in China by Johnson & Johnson in 1998. For more information about Johnson & Johnson and its operating companies in China, please visit www.jnj.com.cn.
About Ethicon, Inc.
Ethicon, Inc. is a trusted, world-wide leader in surgical care. For over a century, Ethicon has continuously introduced innovations in wound closure, general surgery, wound management, biosurgicals, women's health and urology, aesthetic medicine and ENT solutions that fulfill the Company’s vision: Restoration of body and of life.
Note to Investors
(This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. 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 unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson (China) Investment Ltd. and/or Johnson & Johnson. Risks and uncertainties include, but are not limited to, general industry conditions and competition; economic factors, such as interest rate and currency exchange rate fluctuations; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; challenges to patents; changes in behavior and spending patterns or financial distress of purchasers of healthcare products and services; changes to governmental laws and regulations and domestic and foreign health care reforms; trends toward health care cost containment; and increased scrutiny of the healthcare industry by government agencies. In addition, there will be risks and uncertainties related to the ability of Johnson & Johnson (China) Investment Ltd. and Ethicon, Inc. to successfully integrate the products and employees of Guangzhou Bioseal Biotechnology Co., Ltd., as well as the ability to ensure continued performance or market growth of its products. A further list and description of these risks, uncertainties and other factors can be found in Exhibit 99 of Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 1, 2012. Copies of this Form 10-K, as well as subsequent filings, are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Neither Johnson & Johnson (China) Investment Ltd. nor Johnson & Johnson undertakes to update any forward-looking statements as a result of new information or future events or developments.)
Johnson & Johnson (China) Investment Ltd.