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Ratings Review: Feb. 19, 2003.
Byline: Gerald C. Magpily
Coronary and inflammation drugmaker Scios Inc. sells one drug, congestive heart failure treatment Natrecor.
However, the company is also developing a promising compound called SCIO-469, a potential rheumatoid arthritis treatment, which is in Phase 2 clinical trials. Now the two products have become part of the Johnson & Johnson health care conglomerate as a result of the New Brunswick, N.J.-based company's purchase of Scios for about $2.4 billion in cash Feb. 10.
Credit rating agency Moody's Investor Services reacted to the announced merger by issuing a press release that left its investment grade long- and short-term …
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