Shockwave Medical (NASDAQ: SWAV) could get acquired by Johnson & Johnson (NYSE:JNJ) , according to a Wall Street Journal report.
WSJ cited people familiar with the matter. They said the acquisition talks, if successful, could result in a finalized deal in the coming weeks. Another suitor could also seek a merger with Santa Clara, California–based Shockwave.
The WSJ report sent SWAV shares up more than 11% to $320.46 apiece by afternoon trading today. MassDevice‘s MedTech 100 Index was up slightly.
A Shockwave Medical spokesperson told MassDevice that it’s the company’s policy not to comment on rumors or speculation.
This isn’t the first time that Shockwave has been the subject of reports of a potential acquisition. Media reports last year mentioned Johnson & Johnson, Medtronic and Boston Scientific as potential suitors.
Founded in 2009, Shockwave Medical has intravascular lithotripsy technology that uses sonic pressure waves to treat people with calcified arterial plaque. (Find out more about intravascular lithotripsy at DeviceTalks Boston on May 1–2, 2024!)
Annual revenue of $489.7 million in 2023 enabled the company to jump 11 spots to 88th in our sibling site Medical Design & Outsourcing‘s annual Medtech Big 100 report. SWAV shares are trading 10 times higher than they were when the company initially went public in 2019.
Major news for Shockwave Medical over the past year included its acquisition of Neovasc and the Reducer system for addressing refractory angina, raising $650 million in a private offering, and launching the Shockwave C2+ coronary IVL catheter following FDA approval. Early this year, company leaders spoke of growth fueled by two to three product launches each year.
Johnson & Johnson MedTech, meanwhile, is the second-largest medtech business in the world, with $27.4 billion in annual revenue.