Dow Jones giant Johnson & Johnson (JNJ) said it would acquire Shockwave Medical (SWAV) for $13.1 billion, or $335 a share. Both stocks rose slightly early Friday.

X

Shockwave rose 1.65% to about 325. J&J rose a fraction.

SWAV stock had surged 68% to 319.99 as of April 4 in 2024, with takeover speculation among the driving forces. JNJ stock had fallen 2.7%.

Shockwave Medical is a leader in intravascular lithotripsy, a method of cracking hardened calcium in blood vessel walls.

J&J said the deal will boost its position in cardiovascular intervention and accelerate its shift into higher-growth markets. It expects the all-cash deal to close in mid-2024, pending regulatory approval.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.

YOU MAY ALSO LIKE:

Why This IBD Tool Simplifies The Search For Top Stocks

Best Growth Stocks To Buy And Watch

IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today

Futures: Jobs Due After Ugly Reversal; Dow Giant To Buy Shockwave Medical