FILE - The Johnson & Johnson logo appears above a trading post on the floor of the New York Stock Exchange, Monday, July 12, 2021. Johnson & Johnson is spending about $16.6 billion to buy cardiovascular technology company Abiomed, Tuesday, Nov. 1, 2022, and build up its medical device division. The health care giant says it will pay $380 for each Biomed share and also provide another $35 per share in cash if some commercial and clinical milestones are met.
The deal is expected to close early next year and will 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 afterthat it would split off its consumer health division that sells Band Aids and beauty products.
J&J’s BioSense business focuses on treating arrhythmia or an irregular heartbeat. Abiomed will add, among other products, its Impella heart pumps, which are inserted through arteries into the hearts of high-risk patients. They temporarily help the heart maintain blood flow while a surgeon places stents in the patient.
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