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

(Reuters) -Johnson & Johnson said on Tuesday it would buy privately held V-Wave for up to $1.7 billion, the healthcare conglomerate's second deal this year aimed at boosting its presence in the market for heart disease devices.

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 the latest in a string of acquisitions by J&J as it looks to drive growth beyond 2025, when blockbuster psoriasis drug Stelara is expected to face biosimilar rivals.

In April, J&J 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.

The V-Wave deal pushes J&J further into the high-growth market for heart failure devices, said RBC Capital Markets analyst Shagun Singh. With the device expected to treat a condition that affects 800,000 patients every year, it should represent a stable and meaningful market opportunity for J&J, Singh added.

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

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