DUBLIN, Ohio — Cardinal Health Inc. plans to acquire cardiology and endovascular device maker Cordis from Johnson & Johnson for $1.944 billion.

Cardinal said Monday that the cash deal would significantly advance its offering of interventional cardiology and endovascular solutions for integrated health systems and their patients by giving the company immediate global scale in that market segment.

“We are extremely excited about the acquisition of Cordis. This is a significant step forward in our cardiovascular strategy. Cordis brings with it a long and proud legacy of cardiovascular innovation. This move highlights our commitment to address a major pain point in health care systems through innovative new approaches to the management of physician preference items,” Cardinal chairman and chief executive officer George Barrett said in a statement. “This acquisition follows a sequence of strategic moves for Cardinal Health in the areas of cardiology, wound management and orthopedics. We are well-positioned to help customers standardize around mature medical devices while bringing them innovative solutions around supply chain management, inventory optimization, and work flow tools and data to support the most effective management of the patient.”

Based in Fremont, Calif., Cordis had 2014 sales of about $780 million, split almost evenly between cardiology and endovascular products, Cardinal reported. Although the United States is Cordis’ largest single market, 70% of its total sales come from outside the U.S., and the company’s presence includes operations in more than 50 countries.

“With an aging 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,” Barrett added. “The acquisition of Cordis reinforces our strategic position to address this need and strengthens an important growth driver in the Cardinal Health portfolio.”

The transaction is expected to close in the United States and key non-U.S. countries toward the end of calendar 2015, Cardinal said. Once the deal is finalized, plans call for the Cordis business to report to Don Casey, chief executive officer of Cardinal’s medical segment.

Casey noted that Cardinal and Cordis have complementary skills and expertise, creating a combined talent base that will be world-class in cardiovascular solutions.

“We look forward to drawing heavily on the knowledge and innovative spirit of Cordis team members around the world,” he stated. “Additionally, Cordis’ global expertise and footprint provide an exciting opportunity to leverage scale in sourcing and manufacturing.”

Also on Monday, PharMerica Corp. announced a new wholesale drug distribution agreement with Cardinal Health. Louisville, Ky.-based PharMerica said the pact goes into effect April 1 and will run to June 2018.

The new agreement will take effect on April 1, 2015 and extend through June 2018. As part of the agreement, Cardinal will assume responsibility for the sourcing and distribution of branded and generic drugs for PharMerica, a national provider of institutional, specialty home infusion, hospital and oncology pharmacy services.

“Like PharMerica, Cardinal Health is dedicated to supporting skilled nursing facilities, long term care facilities, assisted living facilities, hospitals and other institutional care settings, and its scale and expertise in sourcing and distribution will drive additional efficiencies and maximize PharMerica’s drug distribution processes.,” PharMerica CEO Greg Weishar said in a statement.