J&J to Sell Cordis Business Unit

Johnson & Johnson announced Thursday that it has agreed to a March 1 binding offer from Cardinal Health to acquire its Cordis subsidiary for an estimated $2 billion. The New Brunswick, N.J., company expects the deal to close by the end of this year, subject to regulatory approval.

Cordis develops interventional vascular technology solutions, and has operations in more than 50 countries.

Cardinal Health, a Fortune 22 company dedicated to making healthcare more cost-effective, has forged partnerships with pharmacies, hospitals, ambulatory surgery centers, clinical laboratories and physicians. It has more than 34,000 global employees.

J&J owns more than 265 companies and employs about 127,000 people worldwide. — Jason Scott