Johnson & Johnson will acquire Abiomed, a medtech company based in Danvers, Mass., for $16.6 billion by the end of the first quarter of 2023.
Abiomed, which specializes in cardiovascular devices, will work as a standalone business as part of J&J's MedTech operations, according to a Nov. 1 J&J news release.
Both boards of directors approved the acquisition, which J&J said would expand its portfolio of heart failure devices.