HeartWare has announced that it has acquired CircuLite, which developed the Synergy circulation support system for the management of less sick, ambulatory, chronic heart failure patients who are not yet inotrope-dependent. HeartWare has acquired all of the issued and outstanding equity interests of CircuLite for consideration of US$30 million, consisting of approximately US$18 million in HeartWare common stock and cash of approximately US$12 million to settle CircuLite’s debt and transaction expenses.
“The partial-support system developed by CircuLite represents the industry’s most intriguing platform for the treatment of patients with earlier stage heart failure,” said Doug Godshall, president and chief executive officer at HeartWare. “CircuLite has pioneered the partial-assist approach and demonstrated that this technique can significantly enhance the quality of life for this group of patients, which is believed to be a substantially larger population than the end-stage heart failure patients that HeartWare currently treats with our full-support ventricular assist devices. CircuLite’s next generation endovascular system, which will be implanted collaboratively by cardiologists and surgeons in a hybrid cath lab setting, offers an extremely compelling interventional approach to circulatory support.”