Johnson & Johnson, the biggest health care company, announced Friday it would buy Closure Medical Corp. for $370 million to expand on the market of vascular devices.
Johnson & Johnson will give $27 per each share to Closure Medical shareholders, the company said. It is a 20% premium than its Thursday closing price of $22.40.
The health care giant already bought cardiovascular device maker Guidant Corp for $25.4 billion in December.
Under the terms, Closure Medical will cooperate with Johnson & Johnson’s Ethicon Inc. unit. Closure Medical also manufactures medical adhesives and technology used in wound care.