HeartWare International has acquired CircuLite for $30m, consisting of approximately $18m in common stock and cash of approximately $12m.

The deal will also see certain contingent success payments due upon satisfaction of regulatory and commercial milestones not to exceed $320m in the aggregate over a ten-year period.

CircuLite is a developer of the Synergy circulatory support system, designed to treat less sick, ambulatory, chronic heart failure patients who are not yet inotrope-dependent.

The Synergy surgical system is designed for long-term support and is intended to reduce the heart’s workload while improving blood flow to vital organs.

The system received CE Mark in the EU in 2012, is currently undergoing an upgrade to resolve issues that may incur post commercial release.

Upon the achievement of certain specified regulatory and revenue-based milestones, the CircuLite security holders may be entitled to receive additional clinical and commercial success payments.

The board of the directors of both companies has approved this transaction.

Perella Weinberg Partners acted as financial advisor to HeartWare, while Credit Suisse served as financial advisor to CircuLite.