March 14, 2013
Johnson & Johnson (NYSE: JNJ ) interventional vascular technology subsidiary Cordis has finished its acquisition of stent maker Flexible Stenting Solutions. Financial terms of the deal weren't disclosed, according to a Tuesday press release from J&J.
Cordis currently produces and markets the SMART self-expanding vascular stent and recently won regulatory approval to expand its use in other arteries. Flexible Stenting Solutions' FlexStent, another self-expanding stent, will allow Cordis to field a product to treat peripheral artery disease (PAD), a condition that affects an estimated 27 million patients in Europe and North America.
The FlexStent won CE Mark approval in Europe in 2009, winning FDA clearance later in the year. Johnson & Johnson expects also to apply for U.S. regulatory approval to use the FlexStent to treat superficial femoral artery disease.