J&J Gets FTC OK for Closure Acquisition

Johnson & Johnson (J&J) received approval from the Federal Trade Commission (FTC) to acquire Closure Medical, a maker of wound healing products such as Dermabond skin adhesives.

The FTC granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act with respect to the previously-announced acquisition of Closure by J&J. The $370 million cash acquisition was announced March 4, and is expected to close during the second quarter.

Closure, which has manufactured products on behalf of J&J for more than a decade, said shareholders will vote June 2 on the whether to accept the deal. 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.