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Investing.com -- Johnson & Johnson (NYSE:JNJ), the New Jersey-based healthcare company, is planning to sell its stroke care business, Cerenovus, as part of a restructuring plan for its medical technology division, as reported by Financial Times, citing people familiar with the situation. The company is seeking a valuation of over $1 billion for the sale.
Cerenovus, a manufacturer of surgical equipment for stroke patients, has reportedly been presented to potential private equity and strategic buyers through advisers to gauge their interest. Sources familiar with the plan suggest that the business could be sold for a price between $1 billion and $1.5 billion.
This move comes as Johnson & Johnson continues its efforts to restructure its medical technology division. Over the past three years, the healthcare giant has spent more than $30 billion on the acquisition of medical device makers. The sale of Cerenovus marks the latest step in this ongoing strategy.
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