J&J unit to buy SterilMed

In additional mergers and acquisitions news, Johnson & Johnson's ($JNJ) Ethicon Endo-Surgery unit has agreed to buy privately-held Maple Grove, MN-based SterilMed, which focuses on the reprocessing and remanufacturing of medical devices. No financial terms were disclosed.

The buy expands Ethicon's portfolio and enables expansion in a rapidly growing market segment, the company says in a statement.

SterilMed will be managed as part of the Ethicon Endo-Surgery franchise, but will continue to operate as a standalone company and retain its name.

"This is an exciting opportunity for both our customers and our company," said Brian Sullivan, SterilMed chairman and CEO. "Becoming part of the Ethicon Endo-Surgery franchise, one of the largest and most respected medical device companies in the world, will have a positive impact on our business, while also expanding our product portfolio."

- see the Ethicon statement