Johnson & Johnson is proceeding with the acquisition of medical device manufacturer Shockwave Medical for approximately $13 billion, according to an announcement made on Friday, today.

Following its split from the consumer health division, J&J has focused on strengthening its medical technology sector, as demonstrated by its earlier acquisition of Abiomed. With the purchase of Shockwave, the healthcare giant is set to become a leader in four rapidly growing categories of cardiovascular technology, the announcement stated.

Under the agreement, J&J will pay $335 per share in cash for Shockwave Medical.

Following the announcement, Shockwave’s stock rose by 1.3%, and it has seen a 68% increase since the start of the year.

J&J’s shares experienced a smaller increase of less than 1% in pre-market trading.