Shares of Johnson & Johnson (NYSE:JNJ) ended Friday session in red amid volatile trading. The shares closed down -0.38 points or -0.32% at $118.25 with 12,408,779 shares getting traded. Post opening the session at $118.51, the shares hit an intraday low of $118.12 and an intraday high of $119.14 and the price vacillated in this range throughout the day. The company has a market cap of $322.48 billion and the numbers of outstanding shares have been calculated to be 2.74 billion shares.
Johnson & Johnson (JNJ) on Sept. 16, 2016 announced a definitive agreement to acquire Abbott Medical Optics (AMO), a wholly-owned subsidiary of Abbott Laboratories, for $4.325 billion in cash. AMO reported sales of $1.1 billion for 2015. The acquisition will include ophthalmic products in three business segments: cataract surgery, laser refractive surgery and consumer eye health.
“Eye health is one of the largest, fastest growing and most underserved segments in health care,” said Ashley McEvoy, Company Group Chairman, responsible for Johnson & Johnson’s Vision Care Companies. “With the acquisition of Abbott Medical Optics’ strong and differentiated surgical ophthalmic portfolio, coupled with our world-leading ACUVUE® contact lens business, we will become a more broad-based leader in vision care. Importantly, with this acquisition we will enter cataract surgery – one of the most commonly performed surgeries and the number one cause of preventable blindness.”
AMO is a global leader in ophthalmic surgery and is known for world-class intraocular lenses used in cataract surgery. The World Health Organization estimates that approximately 20 million people are blind from age-related cataracts and that there are at least 100 million eyes with compromised visual acuity caused by cataracts. These numbers are steadily rising due to population growth and increasing life expectancy.
Shares of Bristol-Myers Squibb Co (NYSE:BMY) ended Friday session in red amid volatile trading. The shares closed down -0.37 points or -0.66% at $55.60 with 12,082,897 shares getting traded. Post opening the session at $56.22, the shares hit an intraday low of $55.53 and an intraday high of $56.41 and the price vacillated in this range throughout the day. The company has a market cap of $92.29 billion and the numbers of outstanding shares have been calculated to be 1.66 billion shares.
On September 7, 2016 The first of six teams of Bristol-Myers Squibb Company (BMY) oncology employees set out from Cannon Beach on the Oregon coast on the first leg of the 2016 Coast 2 Coast 4 Cancer Ride, a 21-day cycling ride that will bring together 80 riders to cover approximately 2,800 miles on a mission for cancer patients and their loved ones by raising money for Stand Up To Cancer’s innovative cancer research programs.
As part of the 2016 Coast 2 Coast 4 Cancer Ride, Bristol-Myers Squibb will match funds raised dollar-for-dollar up to $500,000, to support Stand Up To Cancer, whose collaborative “Dream Teams” of scientific researchers are working together to accelerate cancer research and to provide new treatments to patients. Last year’s ride raised $841,000 for Stand Up To Cancer research and this year the goal is even higher – the Coast 2 Coast 4 Cancer Ride aims to reach $1,000,000 in donations.
“I could not be prouder of these riders, many of whom spend the majority of their time in an office and not on a bike. But they are committed to doing whatever it takes to help patients fighting cancer because we all take this cause very personally,” said Chris Boerner, PhD, president and head of U.S. commercial operations, Bristol-Myers Squibb. “Everyone on these teams is riding for someone they know who has been touched by cancer. This year, I’m riding for my late cousin, whose strength in fighting stomach cancer inspired me to dedicate my professional career to fighting cancer.”
One of this year’s riders, Lee Krug, MD, explained, “Like so many Coast 2 Coast 4 Cancer Ride team members, I have seen the devastating impact that cancer can have on patients and their loved ones, but also the strength and endurance that they so often show. They really are our inspiration on the road. This ride is about hope and about our combined efforts for patients.”
“One in two men and one in three women in the U.S. will be affected by cancer, so we all have someone we can stand up for. For the third year in a row, the Coast 2 Coast 4 Cancer Ride is standing alongside us as we work to make every person diagnosed with cancer a survivor,” said Katie Couric, Yahoo Global News anchor and Stand Up To Cancer co-founder. “You take these incredibly dedicated riders, and you combine them with Bristol-Myers Squibb’s commitment to match money raised, dollar-for-dollar, up to $500,000, and what you have is a truly powerful, winning team. That’s what patients fighting cancer deserve, and our hope is that everyone will join us in supporting the Coast 2 Coast 4 Cancer Ride effort.”