Johnson and Johnson completes sale of Cordis to Cardinal Health

Johnson and Johnson has announced the completion of the divestiture of its Cordis business to Cardinal Health.

The Cordis business, which has been sold for around $2 billion (1.32 billion pounds) is a global leader in the development and manufacture of interventional vascular technology and generated net revenues of approximately $780 million in 2014.

Cordis products will continue to be sold under the existing brand name, but its company logo will be updated to identify Cordis as a Cardinal Health company. Planning has been ongoing since early March 2015, with management teams already in place worldwide.

This sale will strengthen Cardinal Health's portfolio of physician preference items, which include offerings in the fields of cardiovascular, wound management and orthopaedics.

George Barrett, chairman and chief executive officer of Cardinal Health, said: "I'm extremely pleased to welcome our new Cordis colleagues to Cardinal Health."

Johnson and Johnson will continue to offer products to tackle cardiovascular disease through its electrophysiology business, Biosense Webster, as well as through the sale of its leading cardiovascular medicine Xarelto.