Johnson & Johnson (JNJ) announced Friday it was buying Shockwave Medical (SWAV) for $13.1 billion in cash, pushing shares of the maker of cardiovascular catheters to near all-time highs.

J&J said it was paying $335 each for all of S🔜hockwave’s outstanding shares, a 4.7% premium over their closing price Thursday.

The pharmaceutical and medical technology company said that the addition of Shockwave boosts its reach in cardiovascular intervention, which it ᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚcalled “one of the fastest-growing global medtech markets, with significant unmet patient need.”

The deal gives J&J access to Shockwave’s int🎃ravascular lithotripsy technology, a catheter-based treatment for calcified arterial lesions, which can reduce blood flow a𓄧nd cause pain or heart attacks. 

The company said that the acquisition adds to its cardiovascular portfolio after its purchases of Abiomed in 2022 and Laminar in 2023. Both offer produc꧅ts that focus on helping patients with heart issues.💧

J&J noted it would fin🅘ance the deal with cash on hand and debt, and expects the transaction to close by midyear, pendiꦰng Shockwave investor approval.

Shockwave shares were up 1.8% at $325.90 at around 11:45 a.m., bringing their gains this year to about 70%. J&J shares were little changed, and are down about 5% this year.