Integra To Buy J&J's Codman Neurosurgery Business For $1.05 Billion

Integra LifeSciences Holdings Corp. said Wednesday that it was paying $1.05 billion in cash to buy Johnson & Johnson's Codman Neurosurgery business. Codman's devices are focused on hydrocephalus, neurocritical care and operative neurosurgery. Integra expects the deal to add 22 cents to adjusted earnings per share in the first year after closing. Integra said it will finance the purchase with cash on hand, use of its revolving credit facility and new senior secured term loan facility. Shares of Integra and J&J were still inactive in premarket trade. Over teh past three months, Integra's stock has climbed 8.2%, while J&J's has been little changed and the S&P 500 has gained 7.2%.