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- Johnson & Johnson (NYSE:JNJ) has agreed to acquire Abiomed Inc (NASDAQ:ABMD) for an upfront payment of $380.00 per share in cash, corresponding to an enterprise value of approximately $16.6 billion.
- Abiomed shareholders will also receive a non-tradeable contingent value right (CVR), entitling the holder to receive up to $35.00 per share in cash if certain commercial and clinical milestones are achieved.
- The transaction broadens Johnson & Johnson MedTech's (JJMT) position in cardiovascular offerings.
- Abiomed offers Impella heart pumps for patients with severe coronary artery disease requiring high-risk PCI (percutaneous coronary intervention), treatment of AMI (acute myocardial infarction), cardiogenic shock, or right heart failure.
- Johnson & Johnson expects the transaction to be slightly dilutive to neutral to adjusted EPS in the first year, and then accretive by approximately $0.05 in 2024, and increasingly accretive after that.
- The transaction is expected to be completed by Q1 of 2023.
- Abiomed reported Q2 sales of $265.92 million, up 11% Y/Y, missing the consensus of $273.53 million.
- The company posted an adjusted EPS of $1.30, 26%, above the consensus of $1.04.
- Price Action: ABMD shares are up 51.2% at $381.07 on the last check Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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