Johnson & Johnson will spend $16.6 billion to buy cardiovascular technology company Abiomed to strengthen its medical device division.
The health care giant said Tuesday that it will pay $380 for each Abiomed share and also provide another $35 per share in cash if some commercial and clinical milestones are met.
Abiomed develops technology that treats coronary artery disease and heart failure. That includes Impella heart pumps, which are used for patients with severe coronary artery disease.
J&J says the deal, which is expected to close early next year, will help the company build its medical device segment by entering a high-growth business.