Hellman & Friedman is exploring a sale of Cordis at a valuation above $9 billion, a potential blockbuster exit for the private equity firm. H&F, alongside co-investor KKR, is working with advisers to gauge interest from about half a dozen publicly traded medical device companies. Deliberations are early, with no certainty a deal will materialize.

H&F acquired Cordis from Cardinal Health for roughly $1 billion in 2021. Since then, the cardiovascular device maker has expanded through bolt-on deals, including the $1 billion purchase of Swiss firm MedAlliance in 2023. That deal brought in Selution, a drug-eluting balloon technology that offers a potential alternative to permanent stents.

Selution is already used in Europe but awaits U.S. regulatory approval, with clinical trials ongoing. The potential sale signals private equity's continued drive to crystallize value from healthcare assets after operational growth. Investors will watch for bidding interest and whether Cordis's technology pipeline can justify a premium multiple.