Johnson & Johnson and Shockwave Medical have entered into a definitive agreement under which Johnson & Johnson will acquire all outstanding shares of Shockwave for $335.00 per share in cash, corresponding to an enterprise value of approximately $13.1 billion including cash acquired.

The acquisition of Shockwave further extends Johnson & Johnson MedTech’s position in cardiovascular intervention and accelerates its shift into higher-growth markets, coronary artery disease (CAD) and peripheral artery disease (PAD).

The transaction follows Johnson & Johnson MedTech’s successful acquisitions of Abiomed, a leader in heart recovery, and more recently Laminar, an innovator in left atrial appendage elimination for patients with non-valvular atrial fibrillation (AFib). These acquisitions complement and build on Johnson & Johnson’s established global leadership position in electrophysiology through the Biosense Webster portfolio. Following the close of the transaction, Johnson & Johnson MedTech will be a category leader in four high-growth cardiovascular segments.

Santa Clara, CA-based Shockwave is a leading provider of innovative intravascular lithotripsy (IVL) technology for the treatment of calcified CAD and PAD, and has safely, simply, and effectively treated approximately 400,000 patients globally. Shockwave also recently acquired Neovasc, the developer of the Reducer System which is a novel product focused on symptom relief of refractory angina.

Johnson & Johnson has a long history of tackling cardiovascular disease and the acquisition of Shockwave provides a unique opportunity to accelerate our impact in cardiovascular intervention and drive greater value for patients, shareholders and health systems,” said Joaquin Duato, Chairman and Chief Executive Officer of Johnson & Johnson.

Shockwave’s IVL technology for treating CAD and PAD, and its strong pipeline, are in a class of their own. We look forward to bringing Shockwave’s solutions into Johnson & Johnson MedTech and the hands of more physicians around the world,” said Tim Schmid, Executive Vice President and Worldwide Chairman of Johnson & Johnson MedTech.

Shockwave has transformed the treatment of complex calcified arterial disease through the pioneering development of intravascular lithotripsy, and it is our mission to make this remarkable technology available to patients worldwide. I could not think of a better partner and home than Johnson & Johnson as the Shockwave team prepares to write its next exciting chapter,” said Doug Godshall, President and CEO of Shockwave.

The closing of the transaction is expected to occur by mid-year 2024 subject to the receipt of Shockwave’s shareholder approval, as well as the receipt of applicable regulatory approvals and other customary closing conditions.

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