Jeremy Steinberg
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Jeremy Steinberg in Deals, M&A and more!,

Johnson & Johnson to seek buyer for medical device maker unit

Johnson & Johnson (JNJ.N) plans to seek a buyer for its medical device maker business, Cordis Corp, The Wall Street Journal reported citing people familiar with the matter.

The sale of Cordis could fetch between $1.5 billion and $2 billion, one of the people told the Journal, adding that the sales process for the business was still at an early stage.

When contacted, J&J declined to comment on the matter.

Bridgewater, New Jersey based Cordis manufactures treatments for vascular disease including stents and catheters. It has a workforce of about 5000 employees.

Earlier this year, J&J sold another of its units, Ortho-Clinical Diagnostics Inc to private-equity firm Carlyle Group (CG.O) for $4.15 billion.

Analysts had pointed out at that time that the move highlighted J&J's determination not to waste resources on unloved divisions.

Other eminent deal talks in the medical device sector in recent times include Medtronic Inc's (MDT.N) $43 billion bid for Covidien Plc (COV.N), while Zimmer Holding Inc (ZMH.N) agreed to acquire Biomet Inc for about $13 billion.