J&J TO BUY CARDIO TECHNOLOGY COMPANY ABIOMED FOR $16.6B

Johnson & Johnson is spending more than $16 billion to move deeper into treating heart disease and continue a shift started last year away from its consumer health roots.

- 

The health care giant said Tuesday that it will buy the cardiovascular technology company Abiomed, which makes a heart pump used on patients with severe coronary artery disease.

The deal is expected to close early next year and will bolster J&J's MedTech or medical device division. That’s one of two remaining segments, along with pharmaceuticals, that the company is focused on after announcing that it would split off its consumer health division that sells Band Aids and beauty products.

The deal for Danvers, Massachusetts-based Abiomed will complement J&J’s existing heart business and comes with “significant” expansion opportunities, CEO Joaquin Duato told analysts during a Tuesday morning conference call.