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Johnson & Johnson

Drug Names(s): Fibrin Patch, thrombin/fibrinogen matrix patch, Fibrin Pad, Fibrin Sealant Patch

Description: The Fibrin Patch is a sterile bio-absorbable combination product composed of a flexible matrix, coated with human fibrinogen and human thrombin components. Upon contact with a bleeding surface, the matrix hydrates and the fibrinogen-thrombin reaction initiates the key step in the coagulation cascade. The fibrin clot, as well as the matrix, is subsequently absorbed during wound healing. The Fibrin Patch is being developed for the management and rapid control of bleeding, including severe bleeding, and is intended for use on active bleeding sites.

Deal Structure: The Fibrin Patch is one of the biosurgical products Omrix is developing in collaboration with Ethicon, a Johnson & Johnson company, and is intended to be marketed by Ethicon.

Under the terms of the agreement, Ethicon will pay most development costs and Omrix will receive a percentage of all revenues gained from the sales of these products. While IP, expertise, and revenues are shared by both companies. Omrix will manufacture products and hold regulatory licenses; Ethicon will retain exclusive sales and marketing rights in the U.S. and EU to Omrix biosurgical products in the areas of hemostasis and sealing only.

In November 2008, Johnson & Johnson and Omrix Biopharmaceuticals announced a definitive agreement whereby Omrix will be acquired for approximately $438 million in a cash tender offer. Omrix is expected to operate as a stand-alone entity reporting through ETHICON, Inc.

In December 2008, Johnson & Johnson completed its acquisition of Omrix Biopharmaceuticals.

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