Johnson & Johnson MedTech is reportedly putting its Cerenovus stroke business up for sale, according to Financial Times (FT).

The company seeks a valuation of over $1 billion. This sale is part of J&J’s efforts to reorganize its medical technology division, people familiar with the matter said.

Possible private equity and strategic buyers have been approached via advisors to test interest in Cerenovus, FT reported. Cerenovus makes surgical equipment that’s used to treat stroke patients.

People familiar with the matter also advised that the auction process may not culminate in a sale and that J&J may choose to keep the asset. According to FT, J&J declined to comment on “market rumors or speculation”.

J&J MedTech added intravascular lithotripsy (IVL) device maker Shockwave Medical to its business last year in a $13.1 billion deal. IVL is a catheter-based treatment for calcified arterial lesions.

The multibillion dollar conglomerate based in New Jersey also welcomed Abiomed, maker of the Impella heart pump, to its fold in a $16.6 billion transaction in 2022.

Last year, J&J also reorganized all of its medical device units under the name of its medtech division. The company has trimmed and focused its operations in the past few years, most recently spinning off its consumer health business as Kenvue.