Medtronic has completed its acquisition of HeartWare International—a developer of less-invasive, miniaturised, mechanical circulatory support technologies for treating patients with advanced heart failure. HeartWare will now become part of the heart failure business within the Medtronic cardiac rhythm and heart failure division. Under the terms of the transaction, each outstanding share of HeartWare common stock has been converted into the right to receive US$58.00 in cash, without interest, subject to any required withholding of taxes.
HeartWare develops and manufactures miniaturised implantable heart pumps, or ventricular assist devices, to treat patients around the world suffering from advanced heart failure. Its flagship product, the HVAD system, features the world’s smallest full-support ventricular assist device and is indicated for refractory end-stage left-ventricular heart failure patients in the USA who are awaiting a heart transplant, as well as approved in Europe for long-term use in patients at risk of death from refractory, end-stage heart failure.
David Steinhaus, vice president and general manager of the heart failure business, and medical director for the cardiac rhythm and heart failure division at Medtronic, says: “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.”