BENGALURU Johnson & Johnson (J&J) said on Tuesday it would buy medical device maker V-Wave for up to US$1.10 billion , the latest in a string of acquisitions aimed at driving growth once its blockbuster drug Stelara loses patent protection.

J&J said it will pay US$600 million upfront, with potential payments of up to US$1.1 billion contingent on regulatory and commercial milestones.

The deal is expected to boost J&J's earnings by about 24 cents in 2024, and by six cents in 2025.

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

J&J is gearing up to face increased competition for blockbuster psoriasis drug Stelara from next year.

In April, the company said it would buy Shockwave Medical in a deal valued at US$13.1 billion including debt. Other recent deals include its US$1.25 billion acquisition of Numab's skin disorder drug, and its US$850 million deal for Proteologix.

  - Reuters