J&J to Buy Shockwave for $13 Billion in Medical Device Play (3)

Johnson & Johnson agreed to acquire Shockwave Medical Inc. for about $13.1 billion to bolster its expansion into making medical devices to treat heart disease.

J&J will pay $335 a share in cash for Santa Clara, California-based Shockwave, the companies said Friday in a statement.The equity value of the deal is about $12.5 billion, or $13.1 billion including enterprise value and cash acquired. The transaction is expected to close by mid-year.

Since moving to separate from its consumer health division, J&J has been building strength in medical technology with acquisitions including Abiomed, a maker of heart-assist devices, and Laminar, ...