News | July 07, 2014

Thoratec Acquires Apica Cardiovascular

July 7, 2014 — Thoratec Corp. has acquired Apica Cardiovascular Ltd. for an upfront cash payment of $35 million and potential future clinical and sales milestones of up to $40 million. As part of the agreement, the Apica team based at facilities in Ireland and the United States will transition to Thoratec.

Apica has developed a suite of implant systems and devices designed to enable transapical surgical access. These devices include a VAD Surgical Implant System (SIS) and the Apica Access Stabilization and Closure (ASC) device for use in transcatheter aortic valve replacement (TAVR) and transcatheter mitral valve replacement (TMVR) procedures performed with a transapical approach. The Apica implant systems are meant to enable uniform access to the heart in transapical procedures with minimal interoperative and post-operative blood loss and a secure permanent closure that eliminates the need for sutures. The VAD SIS specifically leverages the proven existing technology foundation of the ASC with the potential to support less invasive and off-pump implantation of HeartMate products while seeking to facilitate reproducible clinical outcomes and wider adoption of these implant techniques.

Thoratec will immediately assume ongoing development and commercialization of the Apica VAD SIS and ASC platforms. The ASC device received CE mark approval in 2013 and is currently in limited commercial launch throughout Europe. The VAD SIS device has achieved important development milestones and Thoratec will continue to develop this technology to optimize its application for VAD implants prior to initiating human clinical trials.

Thoratec anticipates that the acquisition will add incremental operating expenses of approximately $3 million during the remainder of 2014 and $6-7 million in 2015, primarily related to research and development. Additionally, since Apica is an Irish-domiciled entity, Thoratec's tax rate will increase modestly during the developmental phase of the VAD SIS program due to the loss of U.S.-based expense deductions, although the company anticipates meaningful long-term tax benefits from this transaction. Thoratec will also recognize transaction-related expenses, including the amortization of intangible assets, which will be quantified in the company's second and third quarter earnings reports following completion of the purchase price allocation for the transaction.

For more information: www.thoratec.com


Related Content

News | Ventricular Assist Devices (VAD)

June 19, 2024 — When electrophysiologist Eugenio Cingolani, MD, isn’t seeing patients, he can usually be found in his ...

Home June 19, 2024
Home
News | Ventricular Assist Devices (VAD)

October 31, 2023 — Tenaya Therapeutics, Inc., a clinical-stage biotechnology company with a mission to discover, develop ...

Home October 31, 2023
Home
News | Ventricular Assist Devices (VAD)

June 7, 2023 — Magenta Medical Ltd. has announced the initiation of its FDA-approved Early Feasibility Study with the ...

Home June 07, 2023
Home
News | Ventricular Assist Devices (VAD)

March 1, 2023 — Mesoblast Limited, global leader in allogeneic cellular medicines for inflammatory diseases, today ...

Home March 01, 2023
Home
News | Ventricular Assist Devices (VAD)

November 2, 2022 — For decades, left ventricular-assist devices (LVADs) have extended the lives of people whose hearts ...

Home November 02, 2022
Home
News | Ventricular Assist Devices (VAD)

October 18, 2022 — The U.S. Food and Drug Administration (FDA) is providing updates to the FDA website to include ...

Home October 18, 2022
Home
News | Ventricular Assist Devices (VAD)

August 25, 2022 — The U.S. Food and Drug Administration (FDA) issued a statement that Medtronic, Inc. is recalling ...

Home August 25, 2022
Home
News | Ventricular Assist Devices (VAD)

August 5, 2022 — Black people and women with severe heart failure who might be good candidates for surgery to implant a ...

Home August 05, 2022
Home
News | Ventricular Assist Devices (VAD)

June 23, 2022 — Medtronic, Inc. is recalling a single lot of HeartWare HVAD System batteries due to welding defects that ...

Home June 23, 2022
Home
News | Ventricular Assist Devices (VAD)

June 8, 2022 — The U.S. Food and Drug Administration (FDA) has issued a release stating that Medtronic is recalling the ...

Home June 08, 2022
Home
Subscribe Now