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AP National Business

J&J to buy cardio technology company Abiomed for $16.6B

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Published 3:51 AM

By TOM MURPHY
AP Health Writer

Johnson & Johnson is spending about $16.6 billion to buy cardiovascular technology company Abiomed and build up its medical device division. The health care giant says it will pay $380 for each Biomed share and also provide another $35 per share in cash if some commercial and clinical milestones are met. Abiomed provides technology that treats coronary artery disease and heart failure. Abiomed sales jumped 22% to exceed $1 billion in its most recent fiscal year.

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