The health care giant said Friday that it will spend
The deal has already been approved by the boards of directors from both companies.
Founded in 2009, Shockwave focuses on intravascular lithotripsy technology that uses sonic pressure waves to crack calcium lesions in arteries and restore blood flow. It's similar to a technique used to break up kidney stones. The soundwave emitters are placed inside angioplasty catheters to reach the calcified areas of the artery.
Shockwave’s technology is used to treat coronary artery and peripheral artery disease.
The company’s revenue jumped 49% last year to
J&J Chief Financial Officer
J&J will use cash on hand and debt to pay for the deal. Financing costs will dilute the company's adjusted earnings by
The deal comes more than a year after J&J said it would spend
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.
J&J's Shockwave deal still needs approvals from regulators and shareholders. The companies expect to close the acquisition by the middle of this year.
Shares of
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