3 March 2015 - Healthcare company Johnson & Johnson (NYSE:JNJ) announced on Monday that it has signed a binding offer to sell its Cordis business for an aggregate value of USD1.99bn to Cardinal Health.

This purchase price consist of USD1.944bn of cash proceeds from Cardinal Health plus approximately USD46m of retained net receivables.

The offer period will end on 30 May 2015, unless extended, and during that time consultations with relevant works councils and trade unions are planned. If the offer is accepted, the proposed transaction would be expected to close towards the end of 2015, subject to customary closing conditions and regulatory approvals.

Cordis is engaged in the development and manufacture of interventional vascular technology, with 2014 net revenues of approximately USD780 million. It partners with experts worldwide to treat millions of patients who suffer from vascular disease. The business has operations in more than 50 countries, with an extensive research and development network and a global commercial footprint.