Johnson & Johnson has completed its previously announced acquisition of Shockwave Medical, a US-based medical device company specialising in cardiovascular diseases, for up to $13.1bn.

In April this year, J&J and Shockwave Medical signed an agreement, under which, Shockwave shareholders will receive $335 per share.

The transaction has been completed after being approved by both companies’ boards of directors.

Shockwave is now part of the US pharmaceutical company and will operate as a business division within its medical device unit Johnson & Johnson MedTech.

Johnson & Johnson chairman and CEO Joaquin Duato said: “Through Innovative Medicine and MedTech, Johnson & Johnson is transforming the trajectory of cardiovascular disease, one of the leading causes of death globally.

“We are delighted to welcome the Shockwave team to Johnson & Johnson and look forward to bringing their innovative IVL technology to more patients around the world.”

Shockwave Medical has developed the Intravascular Lithotripsy (IVL) technology as a minimally invasive treatment for calcified arterial lesions, which pose significant cardiovascular risk.

Its IVL platform offers the first and only commercially available treatment for coronary artery disease (CAD) and peripheral artery disease (PAD).

J&J said that the transaction further extends J&J MedTech’s position in cardiovascular intervention.

Also, the platform complements J&J’s heart recovery and electrophysiology capabilities and strengthens its position in the four largest medtech markets within cardiovascular intervention.

Shockwave is anticipated to become J&J MedTech’s thirteenth priority platform, based on annual sales of at least $1bn.

The transaction is expected to advance the revenue growth for both J&J and J&J MedTech.

Johnson & Johnson MedTech executive vice president and worldwide chairman Tim Schmid said: “Completing this acquisition is a significant milestone in the expansion of our leadership position in the medtech industry.

“Shockwave’s differentiated solutions and robust pipeline represent an exciting opportunity for Johnson & Johnson MedTech to bring more innovations to patients in one of the largest areas of unmet medical need.”

The closing of the transaction follows J&J MedTech’s acquisitions of Abiomed, a medical device technology firm focused on heart recovery and more recently Laminar.