Johnson & Johnson buys Micrus for $480M

Johnson & Johnson said Monday it will pay $480 million for medical device maker Micrus Endovascular, adding a range of treatments for stroke and brain aneurysms.

Johnson & Johnson said it will pay $23.40 per share, marking a 5.5 percent premium to Micrus’ closing price on Friday. Both companies boards approved the deal, though it still needs shareholder approval. It is expected to close during the second half of 2010.