Global healthcare products company Johnson & Johnson (J&J) has completed its previously announced acquisition of US-based heart pump maker Abiomed for $16.6bn.

Last month, the US drugmaker has signed an agreement to purchase all the outstanding shares of Abiomed at a price of $380 per share in cash.

Its shareholders would also receive a non-tradeable contingent value right (CVR) worth up to $35 per share, subject to achieving certain commercial and clinical milestones.

Abiomed now becomes a part of J&J, and will operate as a standalone business within J&J’s MedTech segment.

Johnson & Johnson chief executive officer Joaquin Duato said: “We are excited to officially welcome the talented Abiomed team to Johnson & Johnson. Their patient-first philosophy aligns with Our Credo and Our Purpose to change the future of health for humanity.

“This acquisition marks another important step on Johnson & Johnson’s path to accelerating growth in our MedTech business and delivering innovative medical technologies to more people around the world.”

According to American Stock Transfer & Trust Company, which served as the depositary for the tender offer, around 25,759,195 or around 57.1% Abiomed shares were validly tendered.

The acquisition was completed through a merger of J&J’s wholly-owned subsidiary Athos Merger Sub with and into Abiomed.

In relation with the transaction, Abiomed shares not tendered in the offer were acquired by J&J and converted into the right to receive $380 per share in cash plus a CVR.

J&J said that the transaction will not have a material impact on financial results for 2022.

Johnson & Johnson MedTech executive vice president and worldwide chairman Ashley McEvoy said: “The completion of this acquisition allows Johnson & Johnson MedTech to expand our portfolio in the high growth cardiovascular markets, adding solutions for heart recovery to our global market leading Biosense Webster electrophysiology business.

“Fueled by Johnson & Johnson’s global scale and commercial and clinical strength, we are excited to explore the opportunities and possibilities ahead to reach even more patients with critical unmet need.”