Healthcare major Johnson & Johnson (NYSE:JNJ) is acquiring cardiovascular devices maker Abiomed (NASDAQ:ABMD) in a deal valued at $16.6 billion.
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JNJ will pay $380 a share for Abiomed while also providing an additional $35 per share in milestone payments.
The deal which is expected to close in early 2023, will help JNJ set up its medical device vertical. Abiomed will function as a standalone business under the JNJ umbrella.
Abiomed shares are up ~51% in the pre-market session already.
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