Johnson & Johnson has purchased Abiomed, a heart-device maker, with the intention to bolster its’s pharmaceutical and medical device business ahead of plans to overhaul into a leaner company.

Johnson & Johnson (JNJ.N) said on Tuesday it struck a deal to buy heart pump maker Abiomed Inc (ABMD.O) for $16.6 billion in cash, as it looks to boost growth in its medical devices unit after next year’s planned spinoff of the consumer health business.

J&J agreed to pay $380 per Abiomed share, a 50.7% premium over its closing price of $252.08 on Monday. Shares of Abiomed surged about 50%, while J&J shares slipped 0.5%.

J&J’s upfront payment is just shy of Abiomed’s 52-week high of $381.99 per share.

Read the full article at Reuters.