Healthcare giant Johnson & Johnson is selling its vascular med tech group Cordis to US drug distributer Cardinal Health for $1.94 billion, severing its ties with the field.

Cordis booked annual sales last year of around $780 million, split between cardiology and endovascular products, and Cardinal says it expects its acquisition to add more than $0.20 in earnings per share from fiscal 2017.

The move will significantly boost interventional cardiology and endovascular products, such as heart stents and catheters, Cardinal can offer hospitals and physicians, in line with a broader strategy of increasing its portfolio of medical device products.

"With an ageing population and the accompanying demand for less invasive medical treatments, health systems around the world are searching for the best way to bring quality care to their patients in the most cost-effective way. The acquisition of Cordis reinforces our strategic position to address this need and strengthens an important growth driver in the Cardinal Health portfolio," said chief executive George Barrett, further explaining the decision.

The deal, which Cardinal expects to fund with a combination of $1.0 billion in new senior unsecured notes and the remainder with existing cash, is expected to close in the US and key non-US countries towards the end of this year.