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Health care industry titan Johnson & Johnson has agreed to purchase Sunnyvale-based Scios Inc., a biopharmaceutical company, for approximately $2.4 billion. Lawyers in the Menlo Park and San Francisco offices of Latham & Watkins represented Scios on the transaction. New York’s Cravath, Swaine & Moore represented Johnson & Johnson. While Scios currently has only one product on the market — Natrecor, a treatment for people with congestive heart failure — it has other products in the clinical trial stage. Initially the company set out to look for a partner for its new products, but found an acquirer instead. “The company looked at partnering its new products and the discussions evolved into acquisition proposals,” said Christopher “Kit” Kaufman, lead partner on the deal at Latham. “The result was the agreement to sell to Johnson & Johnson.” Scios shareholders will receive $45 for each outstanding Scios share, according to the agreement. The deal is expected to close in the second quarter of 2003. “It’s a great opportunity for a liquidity for Scios’ stockholders and assurance that their products will be distributed by one of the great pharmaceutical companies in the world,” said Kaufman. Cravath, Swaine & Moore partners Robert Townsend III and Lewis Steinberg led the deal for Johnson & Johnson. Kaufman and Menlo Park-based partners Charles Hoyng and Joseph Yaffe and associate Nicholas O’Keefe worked on the deal. Also working on the deal were San Francisco-based partners Kimberly Wilkinson and Tad Freese and associate Keith Benson; Los Angeles partner Laurence Stein and associate Heather Field; and Washington, D.C.-based partner Carolyne Hathaway. AFFYMETRIX INC. Hoffman-La Roche Ltd. has entered into a $70 million agreement with Sunnyvale-based Affymetrix Inc. The agreement gives Roche access to a patented technology that will allow Roche to develop and market new tests for a wide range of diseases. Attorneys in the East Palo Alto office of Bingham McCutchen represented Roche in the deal. Lawyers in the Palo Alto office of Milbank, Tweed, Hadley & McCloy represented Affymetrix. Roche, headquartered in Basel, Switzerland, will use the technology to develop and market tests for many diseases, including cancer and osteoporosis, as well as cardiovascular, infectious and inflammatory diseases. Under terms of the agreement, in addition to the initial $70 million, Affymetrix may also receive royalties on sales of diagnostic kits and milestones payments for technical and commercial achievements. Bingham McCutchen partner Bartley Deamer led the deal. Partner Byde Clawson and associates Kerry Medd and Rahul Dange also worked on the deal. Roche in-house attorney Melinda Griffith worked on the deal out of the company’s Pleasanton office. Affymetrix’ in-house lawyers included general counsel Barbara Caulfield and associate general counsel Robert Michitarian. Milbank partner Douglas Tanner led the deal for the firm with associates Melainie Mansfield and Jonathon Malkin assisting.

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