Cardinal to Acquire Cordis Vascular Technology for USD 1.94 Billion
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By HospiMedica International staff writers Posted on 15 Mar 2015 |
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US pharmaceutical and medical equipment maker Johnson & Johnson (J&J; New Brunswick, NJ, USA) has agreed to sell its Cordis vascular technology unit to Cardinal Health (Dublin, OH, USA) for USD 1.94 billion.
The acquisition follows a sequence of strategic moves for Cardinal Health in the areas of cardiology, wound management, and orthopedics, and is designed to elevate Cardinal Health to the status of a global manufacturer of cardiology and endovascular devices, as well as providing an opportunity to build a generic medical devices business that could be a powerful competitor to cardiovascular device companies such as Abbott Laboratories, Boston Scientific (Natick, MA, USA), and Medtronic.
The purchase of Cordis (Fremont, CA, USA) marks the continued departure of J&J from the cardiovascular stent business, a move that enables the company to focus on other areas that offer greater opportunities for growth. J&J said, however, that it would continue to stay in the cardiovascular disease sector through its electrophysiology business, Biosense Webster, and its leading cardiovascular treatment Xarelto.
“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,” said George Barrett, chairman and CEO of Cardinal Health. “The acquisition of Cordis reinforces our strategic position to address this need and strengthens an important growth driver in the Cardinal Health portfolio.”
“This initiative is part of our ongoing disciplined portfolio management approach to focus on our most promising opportunities to help patients and drive growth,” said Gary Pruden, worldwide chairman of the global surgery group at J&J. “Cordis has made significant contributions to the field of cardiovascular care, and we believe the business has a promising future with Cardinal Health, a company with which we have a long-standing relationship.”
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The acquisition follows a sequence of strategic moves for Cardinal Health in the areas of cardiology, wound management, and orthopedics, and is designed to elevate Cardinal Health to the status of a global manufacturer of cardiology and endovascular devices, as well as providing an opportunity to build a generic medical devices business that could be a powerful competitor to cardiovascular device companies such as Abbott Laboratories, Boston Scientific (Natick, MA, USA), and Medtronic.
The purchase of Cordis (Fremont, CA, USA) marks the continued departure of J&J from the cardiovascular stent business, a move that enables the company to focus on other areas that offer greater opportunities for growth. J&J said, however, that it would continue to stay in the cardiovascular disease sector through its electrophysiology business, Biosense Webster, and its leading cardiovascular treatment Xarelto.
“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,” said George Barrett, chairman and CEO of Cardinal Health. “The acquisition of Cordis reinforces our strategic position to address this need and strengthens an important growth driver in the Cardinal Health portfolio.”
“This initiative is part of our ongoing disciplined portfolio management approach to focus on our most promising opportunities to help patients and drive growth,” said Gary Pruden, worldwide chairman of the global surgery group at J&J. “Cordis has made significant contributions to the field of cardiovascular care, and we believe the business has a promising future with Cardinal Health, a company with which we have a long-standing relationship.”
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