© Associated Press FILE : The Johnson & Johnson logo is seen above a trading desk at the New York Stock Exchange, Monday, July 12, 2021. Johnson & Johnson will spend approximately $16.6 billion to buy the cardiovascular company Abiomed Technologies. Tuesday, November 1, 2022 and creation of a class of medical devices. The medical giant said it would pay $380 for each BioMed share and provide an additional $35 in cash if certain business and clinical breakthroughs are achieved. Abiomed provides technology to treat cardiovascular disease and heart failure. (AP Photo/Richard Drew, File)
Johnson & Johnson will spend $16.6 billion to bolster its medical devices division to acquire cardiovascular technology company Abiomed.
The healthcare giant said Tuesday it would pay $380 for each Abiomed share and donate an additional $35 in cash if certain business and clinical developments occur.
Abiomed has developed technology to treat cardiovascular disease and heart failure. These include the Impella heart pumps for patients with severe coronary artery disease.
According to J&J, the deal, which is expected to close early next year, will help the company expand its medical products as it enters the growing industry.
J&J announced about a year ago that it was spinning off its medical devices and broader business, its pharmaceutical, consumer health division, which sells supplements and beauty products.
With Abiomed, J&J adds an explosively growing company to its portfolio. Revenue increased 22% over the prior fiscal year to over $1 billion. This is twice as much as five years ago.
Abiomed will operate as an independent company within J&J's Medical Devices division following the closing of the transaction.
J&J will pay for the acquisition through a combination of cash and short-term financing. The company will be neutral or marginally recognized in the first year of the agreement after closing and expects to receive revenue from 2024.
Johnson & Johnson, based in New Brunswick, New Jersey, fell about 1% to $172.11 before the opening bell on Tuesday. Abiomed Inc., Danvers, Mass., jumped 51% to $380.42.
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