News | Structural Heart | February 10, 2016

HeartWare International and Valtech Cardio Announce Termination of Proposed Acquisition

HeartWare will make $30 million loan to Valtech while refocusing on its own ventricular assist device systems

HeartWare, terminated acquisition, Valtech Cardio

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

Related Content

Medicare will pay for telehealth virtual doctor visits during the duration of the coronavirus COVID-19 outbreak.
News | Cardiovascular Business | March 17, 2020
March 17, 2020 — The Trump Administration today announced expanded Medicare telehealth coverage that will enable bene
Recognized as the “Pulitzer Prize of the business press,” the Jesse H. Neal Award finalists are selected for exhibiting journalistic enterprise, service to the industry and editorial craftsmanship
News | Cardiovascular Business | February 19, 2020
February 19, 2020 — Connectiv, a division of The Software and Information Industry Association (SIIA), has announced
 Cath Lab Philips Azurion angiography PCI
News | Cardiovascular Business | December 30, 2019
December 30, 2019 — Most patients do not understand or recall information given to them before heart procedures.
Siemens Healthineers Acquires ECG Management Consultants
News | Cardiovascular Business | November 11, 2019
November 11, 2019 — ECG Management Consultants, a leading U.S.
Videos | Cardiovascular Business | September 30, 2019
A discussion with Ruth Fisher, MBA, vice president of the...
Scranton Gillette Communications Names Diagnostic and Interventional Cardiology Group Publisher and Integrated Media Consultant

Diane Vojcanin (left) was named vice president, group publisher, healthcare group, overseeing Imaging Technology News (ITN) and Diagnostic and Interventional Cardiology (DAIC). Andreja Slapsys (right) was named a healthcare group integrated media consultant.

News | Cardiovascular Business | September 06, 2019
Business-to-business communications company Scranton Gillette Communications has named Diane Vojcanin as vice president...
FDA Opens Proposal Solicitation Period for 2020 Experiential Learning Program
News | Cardiovascular Business | July 17, 2019
The U.S. Food and Drug Administration (FDA) Center for Devices and Radiological Health (CDRH) announced the 2020...
The Current Direction of Healthcare Reform Explained by CMS Administrator Seema Verma
News | Cardiovascular Business | June 11, 2019
Centers for Medicare and Medicaid Services (CMS) Administrator Seema Verma addressed the American Medical Association (...