Johnson & Johnson bids for device maker

Johnson & Johnson will shell out $25.4 billion to pick up device manufacturer Guidant Corp. of Indianapoli?

Guidant makes pacemakers and cardiac defibrillators that will complement J&J's products and services in cardiology and medical devices.

Guidant, an Eli Lilly and Co. spin off, made a name for itself with its work on heart stents and pacemaker-defibrillator technology. J&J owns a stent-producing subsidiary, Cordis Corp., which would join Guidant as part of the new cardiovascular device unit within J&J, officials said in a statement. The unit's name will be Guidant, while the Cordis name will remain for select businesses.

The bulk of Guidant's 12,000 employees work in Minnesota and California.

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