Medtronic closes $1B HeartWare buyout

Medtronic (NYSE:MDT) said today that it’s closed the $1.1 billion acquisition of implantable cardiac pump maker HeartWare International(NSDQ:HTWR). The $58-per-share deal clears the field of the 2 major cardiac assist device makers, after Medtronic’s cross-town rival, St. Jude Medical (NYSE:STJ), paid $3 billion for Thoratec in October 2015 (St. Jude is now being acquired by Abbott (NYSE:ABT) for $25 billion). HeartWare’s implantable left ventricular assist devices are designed for end-stage heart failure patients, either as a destination therapy until death or as a bridge to heart transplantation. “Not only does the current HeartWare portfolio expand Medtronic leadership across the heart failure continuum, its product pipeline – when married with our expertise – can result in progressively less-invasive heart pumps that have the potential to benefit even more patients,” heart failure GM Dr. David Steinhaus said in prepared remarks. “This is an exciting moment, as more than 600 HeartWare employees are now part of the broader Medtronic organization,” added Doug Godshall, president & CEO of HeartWare for the past 10 years. “HeartWare has delivered incredible advancements for patients suffering from heart failure, through the commercialization of the HVAD system and pipeline development, and I am convinced that being part of Medtronic will allow us to accelerate meaningful innovations even more quickly.” Medtronic s...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Cardiac Assist Devices Mergers & Acquisitions Wall Street Beat HeartWare International Inc. Medtronic Source Type: news