Exhibit 99.1

Johnson & Johnson Announces Definitive Agreement to
Acquire Conor Medsystems, Inc.

Conor Medsystems  to Complement Cordis' Drug-Eluting
Stent Capabilities with Unique Controlled Drug Delivery
Technology

NEW BRUNSWICK, N.J., and MENLO PARK, CALIF. (November
16, 2006) -- Johnson & Johnson (NYSE: JNJ) and Conor
Medsystems, Inc. (NASDAQ: CONR), a cardiovascular
device company, today announced a definitive agreement
whereby Johnson & Johnson will acquire Conor Medsystems
for approximately $1.4 billion.

The acquisition of Conor Medsystems by Johnson &
Johnson will provide Cordis Corporation, a Johnson &
Johnson company, with a unique controlled drug delivery
technology.  This technology is currently employed on
the CoStar* Stent System, a paclitaxel-eluting cobalt
chromium stent with a bioabsorbable polymer.  The
CoStar* Stent is currently sold outside the United
States, and enrollment in its U.S. pivotal clinical
trial has been completed.

Under the terms of the agreement, an all cash merger
transaction, Conor Medsystems stockholders will receive
at closing $33.50 for each outstanding Conor Medsystems
share. The $1.3 billion estimated net value of the
transaction is based on Conor Medsystem's 42.7 million
fully diluted shares outstanding, net of estimated cash
on hand at time of closing.

The boards of directors of Johnson & Johnson and Conor
Medsystems have approved the transaction, which is
subject to clearance under the Hart-Scott-Rodino
Antitrust Improvements Act, Conor Medsystems
stockholder approval and other customary closing
conditions. The transaction is expected to close in the
first quarter of 2007.

Nicholas J. Valeriani, Johnson & Johnson Worldwide
Chairman, Cardiovascular Devices and Diagnostics, said,
"The addition of Conor Medsystems to the Johnson &
Johnson Family of Companies reaffirms our strong
commitment to patients with cardiovascular disease and
the physicians who treat them."

He continued, "Cordis led the transformation of the
treatment of coronary artery disease with the
introduction of the first coronary stent, and later
reinvented the category with the creation of the
CYPHER* Sirolimus-Eluting Stent. With Conor Medsystems,
we are positioned to lead the development of next
generation technologies aimed at advancing the standard
of care in the treatment of coronary artery disease."

Conor Medsystem's CoStar* stent, which provides for
drug elution from a stent with a fully bioabsorbable
polymer, employs a unique reservoir drug-delivery
technology. These reservoirs enable site-specific drug
delivery as well as the potential for delivery of
multiple therapeutic agents that may be useful in the
treatment of cardiovascular, peripheral vascular and
neurovascular diseases. The technology also has
potential in other non-vascular clinical indications.

Conor Medsystems will operate as part of the Cordis
franchise, the global leader in drug-eluting stents for
the treatment of coronary artery disease.

Rick Anderson, Johnson & Johnson Company Group Chairman
with responsibility for the Cordis business, said:
"Cordis is looking forward to strengthening its
portfolio with the addition of the CoStar* Stent
System. We will offer physicians and the patients they
treat the most comprehensive portfolio of stents,
therapeutic agents, delivery platforms and polymers. By
combining the unique capabilities of Conor Medsystems
and Cordis, we are confident that we will bring
innovative solutions to patients around the world."

Conor Medsystems Chairman and Chief Executive Officer
Frank Litvack, M.D., said:  "This transaction couples
our highly competitive technology platform with the
resources of the world's leading health care company.
We believe it is clearly in the best interest of Conor
Medsystem stockholders and of patients worldwide who
seek treatment for vascular disease. Cordis, which
created the drug-eluting stent category, is the ideal
partner to maximize the potential of our strong
technology portfolio, and to accelerate the adoption of
this important technology."

Upon closing, Johnson & Johnson is expected to incur an
estimated one-time after-tax charge of approximately
$600 million, reflecting the write-off of in-process
research and development charges (IPR&D). Excluding
IPR&D, the acquisition is expected to be modestly
dilutive to Johnson & Johnson's earnings per share in
2007. Additional commentary regarding the financial
impact will be discussed during the conference call
noted below.

Johnson & Johnson is the world's most comprehensive and
broadly based manufacturer of health care products, as
well as a provider of related services, for the
consumer, pharmaceutical, and medical devices and
diagnostics markets. The more than 230 Johnson &
Johnson operating companies employ approximately
115,700 men and women in 57 countries and sell products
throughout the world.

Conor Medsystems develops innovative controlled
vascular drug delivery technologies, and has primarily
focused on the development of drug- eluting stents to
treat coronary artery disease. For further information
on Conor Medsystems and controlled vascular delivery,
visit www.conormed.com <http://www.conormed.com>.

The CoStar* stent is not available for sale in the
United States where it is an investigational device
limited by law to investigational use.

NOTE TO INVESTORS

Johnson & Johnson and Conor Medsystems, Inc. will
conduct a conference call with financial analysts to
discuss this news release on November 17, 2006, at 8:30
a.m., Eastern Standard Time. A simultaneous webcast of
the call for interested investors and others may be
accessed by visiting the Johnson & Johnson website at
www.jnj.com <http://www.jnj.com and clicking on
"Webcasts/Presentations" in the Investor Relations
section or by visiting the Conor Medsystems website at
www.conormed.com and clicking on "Webcasts" in the
Company section.

(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 Johnson & Johnson's and
Conor Medsystem's expectations and projections. Risks
and uncertainties include satisfaction of closing
conditions including receipt of regulatory approvals
for the transaction, and the possibility that the
transaction will not be completed; 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 of Johnson &
Johnson's Annual Report on Form 10-K for the fiscal
year ended January 1, 2006 and Conor Medsystem's
Quarterly Report on Form 10-Q for the quarter ended
September 30, 2006. These filings, as well as
subsequent filings, are available online at www.sec.gov
or on request from the applicable company. Neither
company undertakes to update any forward-looking
statements as a result of new information or future
events or developments.)

Additional Information About the Proposed Transaction
and Where To Find It

In connection with the proposed transaction, Conor
Medsystems intends to file a proxy statement and other
relevant materials with the Securities and Exchange
Commission (the "SEC"). Before making any voting
decision with respect to the proposed transaction,
stockholders of Conor Medsystems are urged to read the
proxy statement and other relevant materials because
they will contain important information about the
proposed transaction. The proxy statement and other
relevant materials, and any other documents filed by
Conor Medsystems with the SEC, may be obtained free of
charge at the SEC's website at www.sec.gov
<http://www.sec.gov>. In addition, stockholders of
Conor Medsystems may obtain free copies of the
documents filed with the SEC by contacting Conor
Medsystems at (650) 614-4100, or Conor Medsystems,
Inc., 1003 Hamilton Court, Menlo Park, CA 94025. You
may also read and copy any reports, statements, and
other information filed by Conor Medsystems with the
SEC at the SEC public reference room at 100 F Street,
NE, Room 1580, Washington, DC 20049. Please call the
SEC at 1-800-SEC-0330 or visit the SEC's website for
further information on its public reference room.

Conor Medsystems and Johnson & Johnson and each of
their executive officers and directors may be deemed to
be participants in the solicitation of proxies from
Conor Medsystems' stockholders in favor of the proposed
transaction. A list of the names of Conor Medsystems'
executive officers and directors and a description of
their respective interests in Conor Medsystems, are set
forth in the proxy statement for Conor Medsystems' 2006
Annual Meeting of Stockholders, which was filed with
the SEC on April 28, 2006, and in any documents
subsequently filed by its directors and executive
officers under the Securities and Exchange Act of 1934,
as amended. Certain executive officers and directors of
Conor Medsystems have interests in the proposed
transaction that may differ from the interests of
stockholders generally, including benefits conferred
under retention, severance and change in control
arrangements and continuation of director and officer
insurance and indemnification. These interests and any
additional benefits in connection with the proposed
transaction will be described in the proxy statement
when it becomes available.


*Cordis Corporation has entered into an exclusive
worldwide license with Wyeth for the localized delivery
of sirolimus in certain fields of use, including
delivery via vascular stenting. Sirolimus, the active
drug released for the stent, is marketed by Wyeth
Pharmaceuticals, a division of Wyeth, under the name
Rapamuner. Rapamune is a trademark of Wyeth
Pharmaceuticals.


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