by John R. Fischer
, Senior Reporter | December 05, 2023
Johnson & Johnson has acquired Laminar.
Paying $400 million upfront, Johnson & Johnson MedTech has acquired and made cardiac manufacturer Laminar part of its subsidiary, Biosense Webster, which designs technology for diagnosing and treating cardiac arrhythmia.
Laminar has developed a solution for eliminating the left atrial appendage (LAA) in patients with non-valvular atrial fibrillation (AFib), which makes them more than five times as likely to experience a stroke. LAA closure is FDA-approved to reduce the risk of thromboembolism in AFib patients who cannot tolerate long-term blood thinners.
Its approach uses rotational motion to eliminate the LAA rather than plugs to occlude it like current commercial catheter-based procedure devices, and the company recently received FDA approval to conduct a U.S. pivotal study, with enrollment to begin in early 2024.
“Laminar’s innovative approach will provide Biosense Webster the opportunity to expand our portfolio in this high-growth market, complement our electrophysiology and intracardiac echo strengths, and deepen our presence with interventional cardiologists and electrophysiologists,” said Jasmina Brooks, president of Biosense Webster, in a statement.
According to Laminar, the left atrial appendage occlusion market is expected to reach $2 billion by 2025.
Because of the deal, Johnson & Johnson has adjusted its expected adjusted earnings per share (EPS) for fiscal year 2023, anticipating an approximate 17 cent drop. It anticipates adjusted EPS ranges to be $9.85 to $9.91 and $9.90 to $9.96, respectively, and for EPS in 2024 to be 15 cents less.
News of the acquisition led JNJ shares to trade modestly lower in premarket November 30, according to Street Insider
J&J acquired Biosense in 1997 and merged it a year later with its Cordis Webster company to create Biosense Webster. Last year, it acquired cardiac pump maker Abiomed
for approximately $16.6 billion, adding more solutions for heart recovery to its Biosense Webster electrophysiology business.
The deal with Laminar includes potential clinical and regulatory milestone payments in 2024 and beyond.