J&J bets big on expanding MedTech’s position with Shockwave buy

US healthcare giant Johnson & Johnson (NYSE: JNJ) has entered a definitive agreement to acquire all outstanding shares of Shockwave Medical (Nasdaq: SWAY), in a move aimed at boosting its MedTech business.

In a transaction approved by both companies’ boards of directors, J&J will pay $335.00 per Shockwave share in cash, corresponding to an enterprise value of around $13.1 billion including cash acquired. Subject to shareholders’ approval, closing in expected by mid-year 2024.

J&J chief executive Joaquin Duato said the acquisition provided “a unique opportunity to accelerate our impact in cardiovascular intervention and drive greater value for patients, shareholders and health systems.” Shockwave’s technology has treated approximately 400,000 patients globally, the company said.