J&J Sells Cardiovascular Unit to Cardinal for $1.9 Billion

Cardinal Health will pay just shy of $2 billion for Johnson & Johnson's Cordis interventional vascular technology business.

The deal, announced Monday, sees Cardinal paying $1.94 billion in cash and $46 million in retained net receivables for Cordis. The Fremont, Calif., devicemaker had net revenues of $780 million last year, according to J&J.

The purchase — which follows a string of strategic moves in cardiology, wound management and orthopedics — will allow Cardinal to offer its clients a suite of innovative cardiovascular devices, said Cardinal CEO George Barrett. We are well-positioned to help customers standardize around mature medical devices,” he added.

The deal is scheduled to close near the end of the year, subject to trade union and regulatory approvals. — Elizabeth Orr