Johnson & Johnson announced Friday it will buy medical device maker Shockwave Medical for nearly $13.1 billion in a move the company hopes will help it further combat heart disease.

Based in California, Shockwave Medical makes devices to treat the number one cause of death in the United States. According to its website, the devices use shockwaves to break down calcified plaque in a person's heart vessels.

Founded in 1886, J&J − an American multinational manufacturer of medical devices, pharmaceutical and consumer packaged goods − is headquartered in New Brunswick, New Jersey.

In a deal approved by both companies board of directors, J&J announced in a news release, the pharmaceutical makers entered into an agreement in which J&J will pay $335 per share in cash for Medical Shockwave.

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A market with 'significant unmet patient need'

The acquisition of Shockwave further extends Johnson & Johnson MedTech’s position in cardiovascular intervention and "accelerates its shift into higher-growth markets," the company wrote in a statement released Friday.

"Cardiovascular intervention is one of the fastest-growing global medtech markets, with significant unmet patient need," a release from the company reads. "With the addition of Shockwave, Johnson & Johnson will expand its MedTech cardiovascular portfolio into two of the highest-growth, innovation-oriented segments of cardiovascular intervention – coronary artery disease (CAD) and peripheral artery disease (PAD)."

Shockwave is a leading, first-to-market provider of innovative intravascular lithotripsy (IVL) technology for the treatment of calcified CAD and PAD, the release continues.

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Acquisition to bring devices into hands of more physician's globally

The transaction comes on the heels of J&J MedTech’s buying Abiomed, a leader in heart recovery, the release says, and Laminar, an innovator in left atrial appendage elimination for people with non-valvular atrial fibrillation.

“Johnson & Johnson has a long history of tackling cardiovascular disease," J&J Chairman and Chief Executive Officer Joaquin Duato said. "Acquiring Shockwave and its leading IVL technology provides a unique opportunity to accelerate our impact in cardiovascular intervention and drive greater value for patients, shareholders and health systems.”

J&J MedTech Executive Vice President Tim Schmid said the move will bring Shockwave's devices into the hands of more physicians globally.

Natalie Neysa Alund is a senior reporter for USA TODAY. Reach her at [email protected] and follow her on X @nataliealund.