Closure Medical Stockholders to Vote on J&J Merger

Closure Medical's stockholders will vote June 2 on a proposal to approve the merger agreement between Johnson & Johnson (J&J), Holden Merger Sub - a wholly owned subsidiary of J&J -- and Closure Medical.

Stockholders of record as of April 22 will be entitled to vote and will be mailed a definitive proxy statement in connection with the meeting. Under the definitive agreement, stockholders will receive $27 for each outstanding Closure share. J&J said it expects to log a charge of approximately $68 million, or 2 cents per share, to write off in-process R&D from the transaction. Closure will operate as a part of J&J subsidiary Ethicon.

On March 4, Closure announced that it had entered into a definitive agreement whereby J&J or its direct or indirect wholly owned subsidiaries would acquire Closure for roughly $370 million in cash. The deal is expected to close in the second quarter.