J&J to buy medical device maker V-Wave for up to $1.7 billion

(Reuters) - Johnson & Johnson said on Tuesday it would buy medical device maker V-Wave for up to $1.7 billion, the latest in a string of acquisitions aimed at driving growth once its blockbuster drug Stelara loses patent protection.

J&J said it will pay $600 million upfront, with potential payments of up to $1.1 billion contingent on regulatory and commercial milestones.

The deal is expected to boost Johnson & Johnson's earnings by about 24 cents in 2024, and by 6 cents in 2025.

V-Wave's device is implanted in the heart through a minimally invasive procedure to help reduce heart failure and other events. It is not yet cleared for use in the United States.

J&J is gearing up to face increased competition for blockbuster psoriasis drug Stelara from next year.

In April, the company said it would buy Shockwave Medical in a deal valued at $13.1 billion including debt. Other recent deals include its $1.25 billion acquisition of Numab's skin disorder drug, and its $850 million deal for Proteologix. (This story has been corrected to say the deal is worth up to $1.7 billion, not $1.1 billion, in the headline and paragraph 1)

(Reporting by Manas Mishra and Unnamalai L in Bengaluru; Editing by Devika Syamnath)