ABMD - Is Johnson & Johnson's Purchase of Abiomed Good for Investors?
It's not surprising that Johnson & Johnson (NYSE: JNJ) has a deal in the works to buy Abiomed (NASDAQ: ABMD) , the maker of the Impella heart pump. The only surprising thing is that it took this long for it to happen.
More than 11 years ago, then-Johnson & Johnson CFO Dominic Caruso said the company was looking to get into the business of heart pumps and heart valves -- if the right company could be bought at the right price.
"Both [technologies] are interesting. We are interested in looking at them," Caruso told investors at a Morgan Stanley Global Health Conference in September of 2011. "Unfortunately, they are overvalued today."
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Is Johnson & Johnson's Purchase of Abiomed Good for Investors?