Hellman & Friedman is weighing a potential sale of medical device company Cordis at a valuation of more than $9bn, in a move that could rank among the largest healthcare exits by a private equity firm, Bloomberg reports.

H&F is working with advisers to sound out interest from potential buyers, with around half a dozen publicly traded medical device groups evaluating possible bids. Deliberations are at an early stage and there is no certainty a transaction will proceed.

H&F acquired Cordis from Cardinal Health in 2021 for about $1bn. The business, which makes stents and other cardiovascular devices, is also backed by KKR.

Since the buyout, Cordis has expanded through acquisitions, including the 2023 purchase of Swiss cardiology company MedAlliance in a deal valued at about $1bn, contingent on performance milestones. That acquisition added a drug-eluting balloon technology known as Selution, designed to deliver medication without leaving a permanent implant in the body.

While Selution is already used in Europe, it has yet to receive approval in the US and is currently undergoing clinical trials. The technology is seen as a potential alternative to traditional stents, which remain implanted after procedures.

Representatives for Hellman & Friedman and KKR declined to comment, while a spokesperson for Cordis did not immediately respond. 

The potential sale highlights continued private equity appetite to crystallise value in healthcare assets following operational expansion and bolt-on acquisitions.

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