News | February 16, 2009

VAD Maker Thoratec Acquires HeartWare for $282 Million

Thoratec's HeartMate II

February 16, 2009 - Thoratec Corp. and HeartWare International last week entered into a definitive merger agreement under which Thoratec will acquire HeartWare for a about $282 million, and the combined company will offer a broad portfolio of approved blood pumping devices for the treatment of heart failure.

The companies said approximately 50 percent of the purchase price will be paid in cash and about 50 percent will be paid in shares of Thoratec common stock. Based on a Thoratec common stock price of $26.25 per share, this reflects a current price of $0.86 for each HeartWare Chess Depositary Interest (CDI), or $1.32-Austrialian based on the current U.S./AUS exchange rate of 1.5265.

"This transaction is a positive development for heart failure patients and the clinicians who treat them by combining Thoratec’s portfolio of commercially approved devices with HeartWare’s innovative technologies,” said Gary F. Burbach, president and chief executive officer of Thoratec. “The use of mechanical circulatory support for the treatment of heart failure is gaining increasing adoption as a result of the positive patient outcomes and clinician enthusiasm realized with the HeartMate II. We believe that combining the strengths of the two companies will enable us to build upon each of our strong technology and product platforms, giving more and better options for a large and significantly underserved heart failure patient population.

HeartWare recently received the CE Mark for the HeartWare Ventricular Assist System and said it is experiencing strong initial progress in its U.S. BTT trial. The company is also working on its MVAD, a next generation miniaturized axial flow LVAD (left ventricular assist device).

Thoratec’s product line includes several commercially approved cardiac assist devices including the HeartMate II LVAS, which received U.S. approval for bridge-to-transplantation (BTT) in April 2008 and is currently in clinical trials in the U.S. for destination therapy (DT) or the long-term support of heart failure patients not eligible for transplantation.

Upon the close of the transaction, HeartWare's operations will be integrated into Thoratec's Cardiovascular Division. Further details regarding the nature and timing of the integration will be provided in the future.

For more information: www.thoratec.com, www.itcmed.com

Related Content

Medtronic Receives FDA Approval for Less-Invasive Heart Pump Implant Procedure
Technology | Ventricular Assist Devices (VAD) | July 17, 2018
Medtronic plc recently received U.S. Food and Drug Administration (FDA) approval for a less-invasive implant approach...
CorWave's Next-generation Neptune LVAD Receives Funding

Image courtesy of CorWave

News | Ventricular Assist Devices (VAD) | July 11, 2018
French-based CorWave announced that its CALYPSO program has received 14 million euros to develop CorWave Neptune, a new...
Abbott Recalls the HeartMate 3 Left Ventricular Assist System, LVAD
News | Ventricular Assist Devices (VAD) | May 23, 2018
Abbott has initiated a Class I recall of the HeartMate 3 Left Ventricular Assist System due to a malfunction in the...
FDA Approves Abiomed Impella CP With SmartAssist and Optical Sensor
Technology | Ventricular Assist Devices (VAD) | April 02, 2018
Abiomed Inc. announced that it received U.S. Food and Drug Administration (FDA) Pre-Market Approval (PMA) for its...
Reduced Device Clotting, Decreased Strokes Seen With HeartMate 3 at Two Years
News | Ventricular Assist Devices (VAD) | March 13, 2018
At two years of follow-up, severely ill patients with advanced heart failure who received a novel heart pump fully...
Medtronic HeartWare HVAD System Approved for Destination Therapy
Technology | Ventricular Assist Devices (VAD) | October 04, 2017
October 4, 2017 — Medtronic received U.S.
Abiomed Receives FDA PMA Approval for Impella RP for Right Heart Failure
Technology | Ventricular Assist Devices (VAD) | September 28, 2017
Abiomed Inc. recently received U.S. Food and Drug Administration (FDA) pre-market approval (PMA) for the Impella RP ...
Abbott Receives FDA Approval for HeartMate 3 Left Ventricular Assist System
Technology | Ventricular Assist Devices (VAD) | August 29, 2017
Abbott announced it has received U.S. Food and Drug Administration (FDA) approval for its Full MagLev HeartMate 3 Left...
Pre-PCI Impella 2.5 Insertion Improves Survival in Left Main Coronary Artery Heart Attacks
News | Ventricular Assist Devices (VAD) | June 30, 2017
Abiomed Inc. announced the recent publication of a peer-reviewed retrospective study on hemodynamic support with the...
Overlay Init