Germany's Bayer AG has trumped rival bidders for Merck & Co Inc's consumer care business in a $14.2 billion deal, adding to a string of major cross-border deals in the healthcare industry."This acquisition marks a major milestone on our path towards global leadership in the attractive non-prescription medicines business," Bayer's chief executive Marijn Dekkers said in a statement on Tuesday.Merck said it expects after-tax proceeds of between $8 billion and $9 billion from the sale, which is expected to close in the second half of 2014.The transaction, the largest in the German healthcare industry since Bayer bought rival Schering in 2006, will make Bayer the second biggest over-the-counter drugs maker after Johnson & Johnson, as it seeks to make better use of its distribution network and sales force.
Johnson & Johnson is a holding company. The Company is engaged in the research and development, manufacture and sale of a broad range of products in the health care field. Shares of JNJ traded higher by 0.69% or $0.69/share to $100.00. In the past year, the shares have traded as low as $82.12 and as high as $101.98. On average, 8336490 shares of JNJ exchange hands on a given day and today's volume is recorded at 5438622.
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