We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Johnson and Johnson | NYSE:JNJ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.22 | -0.15% | 149.70 | 149.89 | 147.82 | 149.89 | 6,532,721 | 00:38:06 |
By Chelsey Dulaney
Cardinal Health Inc. agreed to acquire the heart-product business Cordis from Johnson & Johnson for $1.94 billion in cash, strengthening Cardinal's medical device business.
When including tax benefits, Cardinal's purchase price for Cordis drops to $1.59 billion.
Cordis makes medical devices such as stents and catheters and focuses on less-invasive treatments for vascular disease. The business had $780 million in sales in 2014, with about 70% coming from outside the U.S.
The deal comes as Cardinal, a drug wholesaler that also makes gloves and surgical apparel, looks to add medical products to its portfolio. Cardinal acts as a middleman between pharmaceutical companies and hospitals, pharmacies and other health care providers.
Cardinal has added orthopedic and wound management products in recent years and last year bought vascular device-maker AccessClosure for $320 million.
J&J, meanwhile, is working to pare its wide-ranging portfolio to focus on higher-growth businesses and reduce costs. J&J, a pioneer in stents that prop open clogged heart arteries, said years ago that it would get out of that business.
The Wall Street Journal reported in late August that J&J was seeking a buyer for Cordis and that the business could fetch $1.5 to $2 billion in a sale.
"This is a significant step forward in our cardiovascular strategy," said Cardinal Health Chief Executive George Barrett in a news release. "With an aging population and the accompanying demand for less invasive medical treatments, health systems around the world are searching for the best way to bring quality care to their patients in the most cost-effective way."
Cardinal expects the deal to add more than 20 cents to its adjusted per-share earnings from continuing operations in its 2017 fiscal year and more thereafter.
The deal, subject to regulatory approval, is expected to close near the end of the year.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Access Investor Kit for Cardinal Health, Inc.
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US14149Y1082
Access Investor Kit for Johnson & Johnson
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US4781601046
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
1 Year Johnson and Johnson Chart |
1 Month Johnson and Johnson Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions