Press Releases

Johnson & Johnson Completes Acquisition Of Inverness Medical Technology's Diabetes Care Products Business

New Brunswick, NJ - November 21, 2001 - Johnson & Johnson (NYSE: JNJ), the world's most comprehensive and broadly-based manufacturer of health care products, today announced the completion of its previously announced acquisition of Inverness Medical Technology, excluding certain businesses. The transaction was completed today after Inverness shareholders voted to approve the merger agreement with Johnson & Johnson at a meeting held at the offices of Goodwin Procter LLP in Boston, Massachusetts, on November 20, 2001. Simultaneous with the completion of the acquisition, Inverness completed the split-off of a new publicly-traded company, Inverness Medical Innovations, Inc. (AMEX: IMA), that now holds Inverness' former women's health and other non-diabetes businesses.

Inverness will become a wholly-owned subsidiary of Johnson & Johnson and work with Johnson & Johnson's LifeScan franchise, a leading maker of blood glucose monitoring systems for home and hospital use.

The acquisition is a stock-for-stock exchange that is tax-free to Inverness shareholders. Holders of Inverness common stock will receive .5935 of a share of Johnson & Johnson common stock plus .2 of a share of Inverness Medical Innovations, Inc., for each share of Inverness common stock. Cash will be provided for fractional shares of Johnson & Johnson and Inverness Medical Innovations, Inc. The Exchange Ratio for determining the amount of Johnson & Johnson common stock received for each share of Inverness common stock was calculated by dividing $35.00 by $58.9726, the average of the daily Johnson & Johnson volume weighted average trading prices for each of the 20 consecutive trading days ending with November 16, 2001. Johnson & Johnson intends to purchase the same number of shares of Johnson & Johnson common stock as issued in connection with this acquisition. The Company intends to complete such purchases through open market transactions within 90 days of completion of the acquisition.

Johnson & Johnson, with approximately 100,000 employees, is the world's most comprehensive and broadly-based manufacturer of health care products, as well as a provider of related services, for the consumer, pharmaceutical and medical devices and diagnostics markets. Johnson & Johnson has 195 operating companies in 51 countries around the world, selling products in more than 175 countries.