ISTANBUL: US-based pharmaceutical company Johnson and Johnson said Tuesday that it will acquire V-Wave, a medical device company focusing on patients with heart failure, for up to $1.7 billion. The agreement includes an upfront payment of $600 million, Johnson and Johnson said in a statement. The deal aims to extend Johnson and Johnson's position in addressing cardiovascular disease and deepen its relationships with structural interventional cardiologists and heart failure specialists, it added. "We are confident that Johnson and Johnson MedTech is well-positioned to ensure V-Wave's breakthrough ideas and technology reach patients in need as quickly and effectively as possible," V-Wave CEO Neal Eigler said. V-Wave will be part of Johnson and Johnson MedTech, the company's biotech department, after the completion of the deal. "We recognize the importance of identifying more diverse and effective treatments for heart failure, and our recent track record demonstrates our focus on accelerating our impact on the most urgent and pressing unmet need," said Tim Schmid, executive vice president and worldwide chairman of Johnson and Johnson MedTech. The agreement is expected to close before the end of this year. Source: Anadolu Agency