Johnson & Johnson's Cordis unit will no longer be developing and manufacturing drug-eluting stents, including the Nevo sirolimus-eluting coronary stent and the Cypher stent, by year end as it plans to concentrate on the development of other cardiovascular devices. The subsidiary's move is expected to result in up to 1,000 job losses as Cordis plans to shut down its production plants in Ireland and Puerto Rico and reconfigure employees at a research and development facility in California.

Related Summaries