Johnson & Johnson to buy Shockwave Medical for $12.5 bln (updated)

Shockwave Medical

05/04/2024 11:41

(Adds background throughout, share price in paragraph 5)
       April 5 (Reuters) - Johnson & Johnson  JNJ.N  will buy
medical device maker Shockwave Medical  SWAV.O  for about $12.5
billion, the companies said on Friday, helping the healthcare
conglomerate boost its portfolio of medical devices.
     The California-based company makes a device which uses
shockwaves to break down calcified plaque in heart vessels,
similar to how kidney stones are treated.
        Under the deal, J&J would pay $335 per share in cash for
the medical device maker. The offer price implies a 4.7% premium
to Shockwave's last close of $319.99 on Thursday.
  
        Shockwave, a company that makes devices to treat heart
disease, has a market capitalization of about $12 billion,
according to LSEG data.
  
        Shares of Shockwave rose 1% in premarket trading.
  
        
  

 (Reporting by Sriparna Roy and Bhanvi Satija in Bengaluru;
Editing by Savio D'Souza)
 ((Sriparna.Roy@thomsonreuters.com;))