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WSJ: Johnson & Johnson to seek buyer for Cordis medical device unit

Johnson & Johnson (NYSE:JNJ) is beginning the process of seeking a buyer for its Cordis unit that makes medical devices including stents and catheters, WSJ reports.

Cordis reportedly could fetch $1.5B-$2B and is expected to attract interest from P-E firms and other health care companies.

A sale would mark the latest divestiture for JNJ, which is looking to shed slower-growth businesses and reduce annual costs by $1B; JNJ said in 2011 it would leave the cardiac stent business after years of falling sales and market share.

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