Healthcare giant Johnson & Johnson (NYSE:JNJ) is looking to divest its Cordis business after years of lackluster sales for the company’s stents, catheters and other vascular devices, according to a report from the Wall Street Journal.
J&J declined to comment on the rumor, but anonymous sources told the Journal that Cordis could command a $1.5 billion to $2 billion price tag.
Cordis was a pioneer in stents but has for years been losing share to rival device makers. In 2011 the company shut down its drug-eluting stent program, citing "evolving market dynamics" that made other cardiovascular device areas more promising targets for its efforts.
The sale would also fit in line with J&J’s larger efforts to streamline its business and reduce costs. The healthcare giant also sold its Ortho-Clinical Diagnostics unit for $4 billion earlier this year, the Journal noted.