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Consumer goods giant Johnson & Johnson said Wednesday it would spend $85 million to buy OraPharma Inc., a maker of specialty pharmaceuticals used to treat periodontal diseases.
J&J of New Brunswick, N.J., will pay OraPharma shareholders $7.41 a share, a 63% premium over Tuesday's closing price of $4.54. The deal, which is expected to close in the first quarter of 2003, is subject to customary closing and conditions and regulatory approvals.
OraPharma's debut product, Arestin, is a locally administered, time-released antibiotic for the treatment of periodontal diseases, infections of the gums that can...