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Johnson & Johnson Completes Acquisition of Scios Inc.
Apr 29, 2003

NEW BRUNSWICK, N.J., Apr 29, 2003 /PRNewswire-FirstCall via COMTEX/ --

Johnson & Johnson today said it has completed its acquisition of Scios Inc. The transaction was announced on Feb. 10, 2003.

Under the terms of the transaction, Scios shareholders will receive $45.00 for each outstanding Scios share. The transaction is valued at approximately $2.4 billion, net of cash.

Due to the closing, Scios will not be conducting its customary conference call discussing its first quarter 2003 financial results.

Scios, which will operate as part of the pharmaceuticals group of Johnson & Johnson, is a biopharmaceutical company developing novel treatments for cardiovascular and inflammatory disease. The company's disease-based technology integrates expertise in protein biology with computational and medicinal chemistry to identify novel targets and rationally design small molecule compounds for large markets with unmet medical needs. The company's product NATRECOR(R) is the first novel agent approved for congestive heart failure in more than a decade.

Johnson & Johnson, with approximately 110,300 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 device and diagnostics markets. Johnson & Johnson has more than 200 operating companies in 54 countries around the world, selling products in more than 175 countries.

(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 of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from the Company's expectations and projections. Risks and uncertainties include general industry conditions and competition; economic conditions, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; domestic and foreign health care reforms and governmental laws and regulations; and trends toward health care cost containment. A further list and description of these risks, uncertainties and other factors can be found in Exhibit 99(b) of the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 2002. Copies of this Form 10-K are available online at or on request from the Company. The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments.)

SOURCE Johnson & Johnson

Press - Jeffrey J. Leebaw, +1-732-524-3350, or Marc Monseau,
+1-732-524-1130; or Investor - Helen Short, +1-732-524-6491, or Stan
Panasewicz, +1-732-524-2524, or Lesley Fishman, +1-732-524-3922, all for
Johnson & Johnson
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