Johnson & Johnson, a healthcare products company, has purchased Abiomed Inc., a circulatory and oxygenation medical technology company.

Abiomed will operate as a standalone business within Johnson & Johnson’s medical technology segment. Johnson & Johnson’s tender off for all outstanding shares of Abiomed for a payment of $380 per share in cash expired at 11:59 p.m., New York City time, on December 21, 2022. Abiomed shareholders will also receive a non-tradeable contingent value right (CVR) entitling the holder up to $35 per share in cash if certain commercial and clinical milestones are achieved.

“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,” states Joaquin Duato, chief executive officer of Johnson & Johnson.