J&J buying heart pump maker Abiomed for $16.6 billion
Johnson & Johnson on Tuesday said it's agreed to buy Massachusetts-based heart pump maker Abiomed for around $16.6 billion in cash.
Why it matters: This is J&J's largest acquisition in more than five years, and reflects how the company is expanding its medical devices and medicines efforts ahead of its consumer health unit spinoff.
Details: J&J will pay $38o per share, representing a 50.75% premium over yesterday's closing price, plus the possibility of another $35 per share if certain
- More, per the AP: "Abiomed develops technology that treats coronary artery disease and heart failure. That includes Impella heart pumps, which are used for patients with severe coronary artery disease."