J&J to pump another $13B into MedTech business with Shockwave deal
Johnson & Johnson is pumping more money into heart care with a roughly $13-billion deal for Shockwave Medical, which specialises in technology that helps open clogged arteries.
The healthcare giant said Friday that it will spend $335 in cash for each share of Shockwave.
The deal has already been approved by the boards of directors from both companies.
Shockwave specialises in innovative intravascular lithotripsy, technology that uses sonic pressure waves to crack calcium lesions in arteries and restore blood flow, along with stenting.
The technology is used to treat coronary artery and peripheral artery disease.
The deal comes more than a year after J&J said it would spend $16 billion to buy another cardiovascular technology company, Abiomed. Both acquisitions are expected to bolster J&J’s MedTech or medical device division.
That’s one of two remaining segments, along with pharmaceuticals, that the company is focused on after splitting off its consumer health division that sells Band Aids and beauty products.
Shares of New Brunswick, New Jersey-based J&J edged up 31 cents to $152.81 before markets opened Friday.
Shockwave Medical Inc, which is based in Santa Clara, California, climbed about $5 to $325.05.
By The Associated Press
