Johnson & Johnson (J&J) has announced that it will be acquiring medical device company V-Wave in a deal worth up to $1.7bn.
The agreement will give J&J’s medtech division access to a cardiovascular implant technology that specifically targets heart failure with reduced ejection fraction (HFrEF).
Affecting approximately 800,000 people in the US every year, HFrEF occurs when the heart muscle has insufficient ability to pump blood containing oxygen and nutrients to the body.
V-Wave’s Ventura Interatrial Shunt (IAS) is placed in the heart through a minimally invasive catheter-based procedure and is designed to decrease elevated left atrial pressure seen in congestive heart failure by creating a shunt between the left and right atrium, reducing cardiovascular events and heart failure hospitalisations.
The device has already received Breakthrough Device Designation from the US Food and drug Administration and is CE marked.
Tim Schmid, executive vice president and worldwide chairman of J&J MedTech, said: “We are excited to welcome V-Wave to J&J MedTech and to take another meaningful step toward transforming the standard of care for cardiovascular disease (CVD)… We look forward to working with the V-Wave team at this pivotal stage of its evolution to bring the IAS technology to patients.
The transaction, which is expected to close before the end of 2024, will see J&J acquire V-Wave for $600m upfront, with the potential for additional regulatory and commercial milestone payments up to approximately $1.1bn.
Neal Eigler, chief executive officer of V-Wave, said: “We are confident that J&J MedTech is well-positioned to ensure V-Wave’s breakthrough ideas and technology reach patients in need as quickly and effectively as possible… We look forward to continuing to build a world where CVD is prevented, treated and cured.”
CVD, including coronary heart disease and stroke, is the leading cause of death globally, resulting in an estimated 17.9 million deaths every year.
The announcement comes less than three months after J&J completed its previously announced acquisition of Shockwave Medical for approximately $13.1bn, giving the company access to an intravascular lithotripsy technology for the treatment of calcified coronary artery disease and peripheral artery disease.