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ETHICON ANNOUNCES COMPLETION OF ACQUISITION OF TORAX MEDICAL, INC.

CINCINNATI, OH – Ethicon* today announced the completion of its acquisition of Torax Medical, Inc., a privately held medical device company that manufactures and markets the LINX™ Reflux Management System for the surgical treatment of Gastroesophageal Reflux Disease (GERD). This acquisition is aligned with Ethicon’s strategy of expanding its portfolio of minimally invasive options for patients suffering from prevalent and serious medical conditions. Financial terms of the transaction have not been disclosed.

“Millions of patients continue to suffer from GERD symptoms even when taking high dosages of medication to treat the acid reflux and are left with limited choices to improve their symptoms,” said Michael del Prado, Group Company Chair of Ethicon. “This novel technology offers patients an attractive minimally invasive surgical alternative, that preserves gastric anatomy, establishes normal physiological function, and is reversible.”

GERD can have a significant impact on a patients’ quality of life. For those patients with symptoms that are not well controlled by lifestyle or medical management, anti-reflux surgery is an option. The LINX™ Reflux Management System offers patients a clinically proven, safe, effective and durable alternative to the anatomy-altering Laparoscopic Nissen Fundoplication (LNF).i,ii The LINX™ Reflux Management System is a small implant comprised of interlinked titanium beads with magnetic cores. The magnetic attraction between the beads augments the esophageal sphincter’s barrier function to prevent reflux.

“Torax and Ethicon share a vision for the transformational role that our products can have in advancing patient care,” said Todd Berg, CEO and President of Torax Medical. “We are excited to join together to expand patient access to the clinical benefits of LINX.”

About Ethicon

From creating the first sutures to revolutionizing surgery with minimally invasive procedures, Ethicon, part of the Johnson & Johnson Medical Devices Companies, has made significant contributions to surgery for more than 60 years. Our continuing dedication to Shape the Future of Surgery is built on our commitment to help address the world’s most pressing health care issues, and improve and save more lives. Through Ethicon’s surgical technologies and solutions including sutures, staplers, energy devices, trocars and hemostats and our commitment to treating serious medical conditions like obesity and cancer worldwide, we deliver innovation to make a life-changing impact. Learn more at www.ethicon.com, and follow us on Twitter @Ethicon. Ethicon represents the products and services of Ethicon, Inc. (the signing party), Ethicon Endo-Surgery, Inc. and certain of their affiliates.

Cautions Concerning Forward-Looking Statements: This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding the acquisition of Torax Medical, Inc. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Ethicon, Inc. and Johnson & Johnson. Risks and uncertainties include, but are not limited to: the potential that the expected benefits and opportunities related to the acquisition may not be realized or may take longer to realize than expected; the ability of Ethicon to successfully integrate the products, employees and operations of Torax Medical, Inc., as well as the ability to ensure continued performance or market growth of Torax Medical, Inc.’s products; competition, including technological advances, new products and patents attained by competitors; manufacturing difficulties and delays; product efficacy or safety concerns resulting in product recalls or regulatory action; challenges to patents; the ability of the company to successfully execute strategic plans; changes to applicable laws and regulations, including tax laws and global health care reforms; changes in behavior and spending patterns or financial distress of purchasers of health care products and services; and trends toward health care cost containment. A further list and description of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended January 1, 2017, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Neither Ethicon, Inc. nor Johnson & Johnson undertakes to update any forward-looking statement as a result of new information or future events or developments.

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Media Contact:
Ann Leibson
aleibso@its.jnj.com

Jason Valmore
Investor Relations
jvalmor@its.jnj.com

  • i Ganz RA, Long Term Outcomes of Patients Receiving a Magnetic Sphincter Augmentation Device for Gastroesophageal Reflux, Clinical Gastroenterology and Hepatology, May 2016.
  • ii Reynolds, J. L., Zehetner, J., Wu, P. , Shah, S., Bildzukewicz, N. and Lipham, J. C., Laparoscopic Magnetic Sphincter Augmentation vs. Laparoscopic Nissen Fundoplication: A Matched-Pair Analysis of 100 Patients, J Am Coll Surg;2015;221:123-128.
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