February 10, 2016 — HeartWare International Inc. and Valtech Cardio Ltd. announced the termination of HeartWare's proposed acquisition of Valtech on January 28. Heartware is a developer of less invasive, miniaturized circulatory support technologies for the treatment of heart failure, and Valtech is a privately held developer of mitral and tricuspid valve repair and replacement technologies.
"HeartWare's decision last fall to acquire Valtech represented a unique opportunity to bring together two, complementary portfolios for substantial, high-growth markets and create a broad technology pipeline for the treatment of patients with heart failure," said Doug Godshall, president and chief executive officer of HeartWare. "While we continue to believe Valtech's portfolio of mitral and tricuspid interventional tools holds tremendous promise, HeartWare finds itself in a different set of circumstances than when we first entered into the agreement."
"Our focus in the coming months will be on returning the MVAD System to the clinic, further enhancing the HVAD System, particularly in light of our plan to submit for the destination therapy indication for HVAD in the middle of this year, and progressing our circulatory support pipeline," added Godshall.
Pursuant to the terms of the agreement, HeartWare will make a $30 million loan to Valtech in the form of a convertible promissory note.
For more information: www.heartware.com