Editor02.19.09
Heart device maker Thoratec Corp. has agreed to buy HeartWare International Inc. of Australia for $282 million in cash and stock.
Pleasanton, Calif.-based Thoratec makes mechanical treatments to support and restore failing hearts. It is seeking approval by the U.S. Food and Drug Administration to market the HeartMate II and HeartMate XVE systems for patients awaiting heart transplants. They are already approved in the United States for patients with end-stage heart failure.
HeartWare manufactures miniature implantable cardiac pumps — called Left Ventricular Assist Devices — to treat patients suffering from advanced heart failure. HeartWare’s operations will be folded into the Thoratec cardiovascular division.
“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 …,” said Gary F. Burbach, president and chief executive officer of Thoratec.
HeartWare “recently received the CE Mark for the HeartWare Ventricular Assist System and is experiencing strong initial progress in our U.S. BTT trial. In addition, we have realized significant progress with our MVAD, a next generation miniaturized axial flow LVAD (left ventricular assist device). Combining our R&D focus with Thoratec’s product line, support infrastructure and financial strength will facilitate and accelerate the commercial rollout of the HVAD pump, as well as the development of future products," said Doug Godshall, president and chief executive officer of HeartWare.