Johnson & Johnson’s Acquisition of Shockwave Medical for $13.1 Billion in an All-Cash Deal

  • April 5, 2024

JNJ SWAV Merger

On April 5, 2024,  Johnson & Johnson (JNJ) and Shockwave Medical  (SWAV) announced a merger agreement for an enterprise value of $13.1 billion.

As per the conditions of the merger, Johnson & Johnson has agreed to acquire Shockwave for $335 per share in cash.

In the event of a termination, if Shockwave decides to withdraw from the merger agreement, a termination fee of $448 million will be paid to Johnson & Johnson.

Shockwave Medical, Inc. was advised financially by Perella Weinberg Partners while Fenwick & West served as the legal advisor. Johnson & Johnson received financial guidance from J.P. Morgan Securities, with Freshfields Bruckhaus Deringer offering legal counsel.

The stock is optionable.

The purchase value represents 16.08 times the sales and 66.61 times the EBITDA of Shockwave Medical, Inc.

About Shockwave Medical: Shockwave Medical Inc (SWAV) is an innovative medical technology company, founded to revolutionize the treatment of calcified cardiovascular disease. Headquartered in Santa Clara, California, SWAV trades on the NASDAQ stock exchange. It’s dedicated to developing and commercializing Intravascular Lithotripsy (IVL) technology, offering a minimally invasive solution for arterial calcium. With a mission to improve patient outcomes, SWAV has attracted attention as a leader in the field. Led by a team of experienced professionals, including its CEO, Doug Godshall, Shockwave continues to push the boundaries of medical innovation, promising a brighter future for cardiovascular care worldwide.

About Johnson & Johnson: Founded in 1886, Johnson & Johnson (J&J) is an American multinational corporation headquartered in New Brunswick, New Jersey. Publicly traded on the NYSE and a Dow Jones Industrial Average component, it ranked 40th in the 2023 Fortune 500 and Forbes Global 2000. and is currently led by Chairman and CEO Joaquin Duato. In 2023, it separated its consumer healthcare sector into Kenvue, a new publicly traded entity. Now, J&J focuses solely on pharmaceuticals and medical device technologies, continuing its legacy of innovation in healthcare.

For comprehensive details regarding this transaction, please refer to the Deal Metrics page at the following link:

Deal Metrics for the acquisition of Shockwave Medical, Inc. (SWAV) by Johnson & Johnson (JNJ)

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