US-based healthcare services firm Cardinal Health has unveiled plans to acquire Johnson & Johnson's (J&J) Cordis business, for around 1.94bn in cash.

Cardinal

Based in Fremont of California, Cordis produces cardiology and endovascular devices and operates in around 50 countries, including China, Japan, Germany, Italy, France, the UK and Brazil.

Cardinal Health chairman and CEO George Barrett said: "This acquisition follows a sequence of strategic moves for Cardinal Health in the areas of cardiology, wound management and orthopedics.

"We are well-positioned to help customers standardize around mature medical devices, while bringing them innovative solutions around supply chain management, inventory optimization, and work flow tools and data to support the most effective management of the patient."

Cordis manufactures products such as drug-eluting stents, catheters, guidewires, and vena cava filters, in addition to a wide range of accessories and other devices.

The company reported annual sales of around $780m in 2014, of which 70% has been generated outside the US.

Subject to customary closing conditions and regulatory approvals, the proposed deal is expected to be completed by the end of this year.


Image: Cardinal Health planss to acquire Cordis business. Photo: courtesy of adamr/ FreeDigitalPhotos.net.