Johnson & Johnson (J&J) has closed the acquisition of SS-based cardiovascular device developer Shockwave Medical.

The deal between the parties was signed in April.

As part of the deal, all Shockwave shares have been acquired by J&J for $335 per share, resulting in an enterprise value of around $13.1bn.

With the completion of the deal, Shockwave is now part of J&J and operates as a business unit within J&J MedTech.

Furthermore, trading has ceased for Shockwave’s common stock on Nasdaq.

J&J MedTech executive vice president and worldwide chairman Tim Schmid said: “Completing this acquisition is a significant milestone in the expansion of our leadership position in the medtech industry.

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“Shockwave’s differentiated solutions and robust pipeline represent an exciting opportunity for Johnson & Johnson MedTech to bring more innovations to patients in one of the largest areas of unmet medical need.”

Shockwave specialises in coronary artery disease (CAD) and peripheral artery disease (PAD) treatments. Its core products are its intravascular lithotripsy (IVL) devices, which are used to remove calcified plaques in arteries.

Shockwave’s intravascular lithotripsy (IVL) platform for CAD and PAD complements J&J’s positions in heart recovery (Abiomed) and electrophysiology (Biosense Webster).

J&J chairman and CEO Joaquin Duato said: “Through innovative medicine and medtech, Johnson & Johnson is transforming the trajectory of cardiovascular disease, one of the leading causes of death globally.

“We are delighted to welcome the Shockwave team to Johnson & Johnson and look forward to bringing their innovative IVL technology to more patients around the world.”