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Johnson & Johnson acquires Abiomed medical device technology company that develops and manufactures temporary external and implantable mechanical circulatory support devices such as the heart pump. The company invested $16.6 million in the acquisition deal.
Johnson & Johnson revealed its latest investment on Tuesday, Nov. 1, and it was described as its biggest purchase in almost six years. The buyout was a strategic move as the company is looking to bolster its cardiovascular business.
It was noted that the decision was made at a time when Johnson & Johnson was spinning off its consumer health business unit so it could focus on works related to pharmaceuticals and medical devices. The addition of Abiomed to its portfolio through the acquisition deal is expected to scale up its medical device division.
As part of the agreement, the company will pay $380 for each Abiomed share. It will also hand out another $35 per share in cash if the Danvers, Massachusetts-headquartered medical device maker achieves new commercial and clinical milestones, as per CNBC.
Abiomed is known to develop heart pumps and other technology for the treatment of coronary artery disease and heart failure. Its Impella heart pump device is typically used for patients suffering from severe coronary artery disease.
This Johnson & Johnson and Abiomed acquisition agreement is expected to be completed by early next year. Once done, it will help J&J broaden its position as a thriving cardiovascular innovator while also building its medical device segment.
“The addition of Abiomed is an important step in the execution of our strategic priorities and our vision for the new Johnson & Johnson focused on Pharmaceutical and MedTech,” Johnson & Johnson’s chief executive officer, Joaquin Duato, said in a press release.
The CEO added, “We have committed to enhancing our position in MedTech by entering high-growth segments. The addition of Abiomed provides a strategic platform to advance breakthrough treatments in cardiovascular disease and helps more patients around the world while driving value for our shareholders.”
Finally, Johson & Johnson said that Abiomed will be placed under its medical technology unit but that, despite the acquisition, it will continue to operate as a standalone business.
