Johnson and Johnson accepts Cardinal Health’s offer for Cordis

Johnson and Johnson has accepted a binding offer from Cardinal Health to acquire its Cordis business for an approximate value of $2 billion (1.31 billion pounds).

The offer, which was originally received on March 1st, has been accepted after consultations with relevant works councils and trade unions, with the transaction now expected to close towards the end of 2015.

Cordis is a leading developer and manufacturer of interventional vascular technology, working with experts worldwide to develop new means of treating the millions of patients who suffer from vascular disease.

It has operations in more than 50 countries, with an extensive research and development network and a global commercial footprint. The Cordis business "generated net revenues of approximately $780 million in 2014".

A statement from Johnson and Johnson said the company "remains dedicated to combating cardiovascular disease through its electrophysiology business, Biosense Webster, in the medical devices segment and its leading cardiovascular medicine, Xarelto, in the pharmaceutical segment".