Johnson & Johnson Will Buy Gynecare

Johnson & Johnson agreed to buy Gynecare Inc. for stock valued at about $79 million, or $8.46 a share. The maker of medical devices, drugs and consumer-health products said buying Gynecare would expand its line of women’s health products. The transaction is expected to close by the end of October, said J&J.; Menlo Park-based Gynecare would become part of J&J;’s Ethicon Inc. division, which sells wound-closing and other surgical products. Separately, Gynecare said its application for approval for its ThermaChoice therapy system to treat uterine bleeding will be reviewed by federal regulators in early October. The thermal device was Gynecare’s initial product in development and is approved for marketing in Europe and Canada. Gynecare last year lost $10.2 million, or $1.24 a share, on sales of $962,000. Shares of Gynecare fell 38 cents to close at $8.13 on Nasdaq. New Brunswick, N.J.-based J&J; shares fell 13 cents to $60.94 on the NYSE.