Source: Siyu MedTech; Editor: Li Yuanming
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On March 26, 2024, according to a report by The Wall Street Journal, sources familiar with the matter revealed,Shockwave Medical（NASDAQ：SWAV）May be acquired by Johnson & Johnson Medical Technologies (NYSE: JNJ).If the acquisition negotiations are successful, the deal may be reached within weeks, but if other bidders emerge, the acquisition could be put on hold.Currently, ShockwaveMedical'sTotal Market Value Reaches$11.82 billion。If Johnson & Johnson proceeds with the acquisition, it will be a large-scale merger and acquisition exceeding tens of billions of dollars.In the past five years, Johnson & Johnson Medical has maintained a steady growth pace, seemingly aiming to regain its former glory as the global leader. One notable change is that Johnson & Johnson Medical is expanding its cardiovascular business.If Johnson & Johnson succeeds in this acquisition bid, it willRegain the Top Position in the Global Medical Device Industry。# Shockwave Being Fiercely Contested by GiantsIn fact, Shockwave Medical has always been an acquisition target for many leading enterprises, andFocused on developing products for the treatment of calcified cardiovascular diseases,Is the world's first company to launch a shockwave balloon catheter.。
Earlier last year, media reports claimed that,Johnson & Johnson, Medtronic, and Boston ScientificAre all potential bidders.
For example, in April last year,Boston ScientificShowed a strong interest in acquiring Shockwave Medical, hoping to strengthen its cardiovascular product portfolio by acquiring this company that focuses on vascular calcification.
But even with so many medical giants in China,SShockwave Medical extended an olive branch, but this company has not stopped its own path of outward expansion.
In April 2023, Shockwave Medical announced the acquisitionNeovasc, Inc., with a transaction amount reaching 147 million US dollars. The latterIt is a professional medical device company,Its products includeMitral Valve and Angina PectorisInterventional treatment devices. Neovasc DilemmaA depressurization system has been developed for the treatment of angina pectoris——Neovasc Reducer Stent。
▲Neovasc'sNeovasc Reducer Stent
# Understanding Shockwave MedicalShockwave Medical was founded in June 2009 in California, USA, focusing on the developmentCalcified Cardiovascular Disease TreatmentThe product isThe world's first company to launch the "Shockwave Balloon Catheter"。
Shockwave Medical aims to establish a new standard for medical device treatment of atherosclerotic cardiovascular disease through its differentiated and proprietary localized delivery of acoustic pressure waves for the treatment of calcified plaque.Intravascular Lithotripsy (IVL)。
The company provides the M5 catheter for treating above-the-knee peripheral artery disease, the C2 catheter for treating coronary artery disease, and the S4 catheter for treating below-the-knee peripheral artery disease.
Among them, the catheter for treating peripheral arterial calcification lesions received European CE and U.S. FDA approval as early as 2018.
The catheter for treating coronary artery calcification lesions received European CE approval in 2018 and U.S. FDA approval in 2021.
In 2021, China's Genesis Medtech and Shockwave Medical established a joint venture in China, aiming to introduce Shockwave Medical's products into the Chinese market. The products were successfully approved for marketing by China's National Medical Products Administration in May 2022. Their balloon for valve calcification using shockwave technology is currently in the preclinical research stage.
Currently, Shockwave Medical has been launched in the United States,Germany, Austria, and Switzerland have established direct sales points, and an extensive distributor network has been set up across more than 50 countries in North and South America, Europe, the Middle East, Asia, Africa, and Australia.# Core Technology of the Company: IVLShockwave IVLIt is a new technology innovatively developed based on the lithotripsy concept for treating urinary system stones combined with balloon angioplasty, which can be achieved throughSound Pressure WaveSelective action onCalcified lesions in the intima and media, loosening the calcification without affecting the integrity of the vascular intima. The miniature and array-type lithotripsy emitters generate localized field effects at the calcified sites, disrupting both superficial and deep calcium ions while reducing the risk of complications.Shockwave IVL System ContainsIVL Generator、IVL Connector CableAndBalloon CatheterIn three parts, the treatment process can be divided into the following four steps:- IVL Catheter (Including Shockwave C5 for Coronary, Shockwave M5 and S4 for Peripheral) is delivered to the calcified lesion via a 0.014-inch guidewire, and the integrated balloon is expanded to 4atm (approximately 1.4mm) to facilitate efficient energy transmission.
- The emitter discharges to vaporize the fluid inside the balloon, forming rapidly expanding and collapsing bubbles that generate acoustic pressure waves.
- Pressure waves generate localized field effects, penetrating vascular tissue to selectively fragment calcium on the inner vascular wall and intima while minimizing trauma to the vessel wall.
- After the calcified material is modified, the integrated balloon can then be used to dilate the lesion vessel at low pressure.
# Will Johnson & Johnson Regain the Top Spot in the Medical Field?Previously, Johnson & Johnson announced its full-year 2023 financial performance, with the company's 2023 fiscal year sales reaching $85.2 billion (approximately 613.1 billion RMB), a year-on-year increase of 6.5%. Among this, the medical technology division's sales were $30.4 billion (approximately 218.7 billion RMB), a year-on-year increase of 10.8%; compared to Medtronic’s 2023 fiscal year revenue of $31.227 billion (approximately 224.728 billion RMB), it fell behind by $827 million (approximately 5.952 billion RMB).As of now, the top global medical device revenue in 2023 is basically confirmed, with Medtronic once again retaining the top position!
In the past five years, Johnson & Johnson Medical has maintained a steady growth pace, gradually approaching the top position, as if aiming to reclaim the glory of being the global leader from years ago. One very noticeable change is:Johnson & Johnson Medical is expanding its cardiovascular business layout.First, cardiovascular is the second largest细分领域 in the medical device field, with a sufficiently large market space;Second, Johnson & Johnson introduced the world's first drug-eluting stent in the cardiovascular field, but in its current business portfolio, orthopedics, surgery, and ophthalmology have already achieved global leadership.Only the cardiovascular business "held back"。This time, if the acquisition of Shockwave Medical is successful, it means that after 9 years, Johnson & Johnson will...Regain the Top Position in the Global Medical Device IndustryThe Throne。In fact, in the first three quarters of 2023, Johnson & Johnson's medical revenue reached $4.415 billion, surpassing Edwards Lifesciences ($3.793 billion), which ranked fourth globally in cardiovascular, entering the cardiovascular TOP4. In the fourth quarter, Johnson & Johnson's cardiovascular business maintained a growth rate of 24.7%, with annual revenue reaching $5.994 billion.In the future, as Johnson & Johnson Medical makes more investments, it will directly challenge the cardiovascular TOP3 (Medtronic, Abbott, and Boston Scientific).# Johnson & Johnson's Road to Reshaping Its Cardiovascular LandscapeJohnson & Johnson used to be the industry leader in the cardiovascular field, but after selling its core cardiovascular business Cordis in 2015, the only notable cardiovascular asset it has left is Biosense Webster. It has made almost no progress in other areas of the cardiovascular field.▌Acquisition of the Leader in Artificial Heart FieldAbiomedIn November 2022, Johnson & Johnson announced the acquisition of Abiomed, the leader in the artificial heart field, for $16.6 billion. With its exclusive product—the world's only FDA-approved interventional cardiac pump, Impella—it contributed $1.306 billion in revenue in 2023.
This acquisition was announced by Johnson & JohnsonDivestment of Consumer Health BusinessSinceFirst InstallmentLarge-scale acquisitions, one of the largest in Johnson & Johnson's history. It is this incremental revenue that has enabled Johnson & Johnson Medical to compete with Medtronic in terms of overall revenue.With Johnson & Johnson's acquisition of Abiomed, in the cardiovascular field, especially inStructural Heart FieldOnce again, it has gained strong话语权. The addition of Abiomed will undoubtedly inject new vitality into Johnson & Johnson's cardiovascular business.▌Acquisition of Left Atrial Appendage Closure Device CompanyLaminarIn November 2023, Johnson & Johnson announced the completion of its acquisition of Laminar, a left atrial appendage closure device company, for an upfront payment of $400 million (approximately RMB 2.6 billion).Laminar to Receive Additional Potential Clinical and Milestone Payments in 2024 and Beyond, Company to Join Johnson & Johnson as Part of Biosense Webster, the Global Leader in Arrhythmia Treatment.
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Global Leading Medical Device Companies | Dynamic CollectionChinese Medical Device Listed Companies | Dynamic CollectionEditor-in-Chief | Zhao Qing Reviewed by | Yi He
