J&J; Receives FTC Approval for Purchase of Alza

Johnson & Johnson said it received early U.S. antitrust clearance for its planned $14-billion stock purchase of Alza Corp. The 30-day antitrust waiting period was scheduled to expire Monday, and the U.S. Federal Trade Commission said in a letter that it had no objections to the merger, Johnson & Johnson said. The transaction is expected to be completed by early third quarter, the companies said in March.

Shares of Johnson & Johnson fell $1.01 to close at $97.24. Alza shares rose 27 cents to close at $46.88. Both trade on the NYSE.

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