Johnson & Johnson is buying Closure Medical of Raleigh in a deal worth some $370 million, the partners in wound treatment said Friday.

Closure and J&J have worked together since 1996 on a variety of adhesive and wound treatments.

Closure’s board of directors approved the all-cash sale. Approval of Closure stockholders and closing of the deal are expected sometime in the second quarter.

J&J will pay $27 a share for Closure, a premium of more than 20 percent above its current stock price.