Exhibit 99.17


Cordis Corporation Announces Strategic Alliance with Guidant
        Corporation to Combat Coronary Artery Disease

Cordis Corporation, a Johnson & Johnson company, today
announced it has entered into a strategic alliance with
Guidant Corporation for the co-promotion of drug-eluting
stents and the advancement of new technology in coronary
stent delivery systems. Additionally, the agreement provides
Cordis an opportunity to participate with Guidant in the
promising future platform of bioabsorbable vascular stents.

Sales and marketing resources of both companies will join
forces to focus on promoting the CYPHER(TM) Sirolimus-
eluting Coronary Stent in the United States, with an option
to pursue a similar arrangement in Japan in the future.

Cordis will obtain access to Guidant's current and next
generation technologies for delivery of coronary stents.
Guidant and Cordis will immediately initiate development and
regulatory plans for a CYPHER Stent that utilizes Guidant's
Multi-Link Vision* Stent Delivery System.

In addition, the agreement provides for the immediate
settlement of all outstanding patent disputes between the
companies.

Guy J. Lebeau, M.D., Johnson & Johnson Company Group
Chairman with responsibility for Cordis Corporation's
worldwide operations, said each company brings important
strengths and expertise to a collaboration that will provide
immediate and long-term benefits to doctors and patients.

"This agreement places the CYPHER Stent into the hands of
what together is the largest and best-trained interventional
cardiology sales force in the United States," Dr. Lebeau
said. "Incorporating Guidant's latest delivery technology
promises to improve our current product line and give us
entry into the next generation of drug-eluting coronary
stent systems earlier than originally anticipated.
Resolution of the patent disputes allows each company to
focus on what it does best -- bringing innovative, life-
saving technology to patients."

By combining efforts, the alliance effectively doubles the
size of the field support teams for the CYPHER(TM) Stent in
the United States. The co- promotion agreement is effective
immediately and may remain in force for up to eight years.

According to Rick Anderson, President, Cardiology Division
of Cordis Corporation, "This alliance is beneficial for both
physicians and patients. The CYPHER Stent delivers an
outstanding pharmaceutical agent -- sirolimus, providing
proven long-term benefits across a wide range of patients.
We believe the market for drug-eluting stents will continue
to grow and expand. The combined sales forces will allow us
to further enhance world-class service to our customers."

Ronald W. Dollens, President and CEO, Guidant, said, "This
partnership leverages Cordis' and Guidant's broad
capabilities and innovative positions in this important
market. We believe this strategic alliance will provide
significant benefits to both organizations through the
collaboration of our sales, marketing and product
development resources."

The clinical findings of New SIRIUS, pooled 9-month data
from the C-SIRIUS (Canada) and E-SIRIUS (Europe) trials on
the CYPHER Stent, set a new standard in lowering restenosis
to 5.1%, versus 8.9% in SIRIUS and 7.9% in Taxus IV.

Restenosis is the reblockage of vessels that have been
treated with a stenting procedure.

In March 2004, at the American College of Cardiology
Scientific Sessions in New Orleans, Cordis will present
unprecedented four-year follow-up data from the first-in-
human clinical trial involving the CYPHER Stent. No other
drug-eluting stent has a comparable breadth of data over
similar time periods demonstrating the capability of
significantly reducing restenosis.

"We are enthusiastic about expanding our portfolio with a
drug eluting stent that has demonstrated outstanding
clinical results," said Dana Mead, President, Guidant
Vascular Intervention, adding, "In four years of clinical
use in over half a million patients, the CYPHER(TM) Stent
has proven safe and effective. Through the companies'
continuing technology development, meaningful medical
innovations will be brought to physicians and patients in
the future."

For bioabsorbable vascular products, Cordis acquires an
option to co-promote with Guidant subsequent to approval and
launch. Bioabsorbable stents show promise in dramatically
changing the treatment of coronary artery disease,
potentially complementing or replacing metallic drug-eluting
stents.

Under the agreements with Guidant, Cordis retains clinical,
manufacturing and order fulfillment responsibilities for the
CYPHER Stent in the United States. The companies will
collaborate on marketing and sales strategies associated
with the CYPHER Stent, but will bear most marketing and
sales costs separately.

Cordis will continue to report all CYPHER Stent sales as
revenue. Guidant will report commission revenue. Commission
terms are not being disclosed.

On January 20, 2004, Robert Darretta, Chief Financial
Officer of Johnson & Johnson, endorsed Earnings Per Share
for 2004 of $2.95 (the First Call Mean as of that date).
There is no change to that guidance as a result of the
agreement with Guidant.

About the CYPHER Stent

Developed and manufactured by Cordis Corporation, the CYPHER
Stent is currently available in more than 80 countries and
has been used by doctors to treat over 500,000 patients
worldwide. The CYPHER Stent represents a medical
breakthrough treatment for patients with coronary artery
disease, providing the potential for an effective, one-time
treatment.

With more than 40 clinical trials conducted or in progress
worldwide, the CYPHER Stent remains the most studied drug-
eluting stent today with the largest body of clinical
evidence demonstrating the long-term safety and efficacy of
its drug and polymer. In clinical trials, the CYPHER Stent
has been shown to reduce reblockage in the arteries by more
than 90 percent over a conventional bare metal stent.

Additional information on products, clinical trials, and
government and private payor reimbursement can be found on
the company website at www.cordis.com.

About Cordis Corporation

For more than 40 years, Cordis Corporation, has pioneered
less invasive treatments for vascular disease. Technological
innovation and a deep understanding of the medical
marketplace and the needs of patients have made Cordis
Corporation the world's leading developer and manufacturer
of breakthrough products for interventional medicine,
minimally invasive computer-based imaging and
electrophysiology.

Today, more than 7,000 Cordis Corporation employees
worldwide share a strong commitment to continue the
company's groundbreaking work in the fight against vascular
disease. For more information, please visit www.cordis.com.

(This press release contains "forward-looking statements" as
defined in the Private Securities Litigation Reform Act of
1995. These statements are based on current expectations of
future events. If underlying assumptions prove inaccurate or
unknown risks or uncertainties materialize, actual results
could vary materially from the Company's expectations and
projections. Risks and uncertainties include general
industry conditions and competition; economic conditions,
such as interest rate and currency exchange rate
fluctuations; technological advances and patents attained by
competitors; challenges inherent in new product development,
including obtaining regulatory approvals; domestic and
foreign health care reforms and governmental laws and
regulations; and trends toward health care cost containment.
A further list and description of these risks, uncertainties
and other factors can be found in Exhibit 99(b) of the
Company's Annual Report on Form 10-K for the fiscal year
ended December 29, 2002. Copies of this Form 10-K are
available online at www.sec.gov or on request from the
Company. The Company assumes no obligation to update any
forward-looking statements as a result of new information or
future events or developments.)