Thoratec Decides Against Purchase

Thoratec, a company with an expertise in therapies aimed at advanced heart failure, has reportedly decided against its plan to purchase HeartWare International for $282 million. The decision was made after the United States Federal Trade Commission said that they would challenge the sale.

Image: Thoratec.com

HeartWare International is based in Australia and is known for developing and manufacturing implantable heart pumps for patients with advanced heart failure. Back in February, when the initial plan was announced, Thoratec was excited about the possibilities of purchasing HeartWare International  — both for the company and potential patients around the world.

Said Gary F. Burbach, the CEO and President of Thoratec: “The product pipeline and organizational capabilities of Thoratec and HeartWare are highly complementary. In addition to facilitating the development of a product portfolio that will serve a wide continuum of patients, we believe that this combination will enable us to bring new, life-saving technologies to market more quickly and at a greater scale. Thoratec already has clinical, regulatory and market development teams with a proven track record of developing devices, achieving regulatory approvals and realizing commercial success. We believe this transaction will increase the acceptance and availability of mechanical circulatory support devices, and should result in operating synergies over the long-term.”

But after the FTC stepped in to block the transaction, both Thoratec and HeartWare International agreed not to proceed. Burbach said that fighting the FTC would “would likely be a protracted, costly and unpredictable litigation process.”