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A wholly owned Johnson & Johnson subsidiary has been merged with and into ALZA Corporation in accord with Delaware law. ALZA Corporation retains its name and survives as a direct, wholly owned subsidiary of Johnson & Johnson.
The merger is a tax-free stock-for-stock exchange. Holders of ALZA common stock will receive .98 of a share of Johnson & Johnson common stock for each share of ALZA common stock. Cash will be provided for fractional shares.
Johnson & Johnson, with more than 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. For more information on Johnson & Johnson, please visit the company's website at http://www.jnj.com.
ALZA Corporation, headquartered in Mountain View, California, is a research-based pharmaceutical company with leading drug delivery technologies. The company applies its delivery technologies to develop pharmaceutical products with enhanced therapeutic value for its own portfolio and for many of the world's leading pharmaceutical companies.
(This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements. A list and description of these risks, uncertainties and other factors can be found in Johnson & Johnson's Cautionary Statement filed as an Exhibit to Johnson & Johnson's report on Form 10-K for the fiscal year ended December 31, 2000, and in ALZA's report on form 10-K for the fiscal year ended December 31, 2000. Copies of the Form 10-K of each company are available on request from the company. The companies disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.) SOURCE Johnson & Johnson