As part of the deal, Medtronic purchased HeartWare common stock by paying $58.00 per share in cash.

HeartWare is engaged in the development and production of miniaturized implantable heart pumps or ventricular assist devices to treat heart failure patients.

The company produces HVAD System, which is said to be the world's smallest full-support ventricular assist device that is indicated for refractory end-stage left-ventricular heart failure patients in the US.

It is also approved in Europe for long-term use in patients at risk of death from refractory and end-stage heart failure.

Medtronic said the acquisition expands its portfolio of therapies, diagnostic tools and services for patients to treat heart failure

Medtronic cardiac rhythm and heart failure division medical director David Steinhaus said: "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.

"Today, Medtronic offers the industry's leading cardiac resynchronization therapy devices, including MR-conditional CRT-defibrillators.”

HeartWare president and CEO Doug Godshall said: "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."

Image: Medtronic operational headquarters, Minneapolis. Photo: courtesy of Medtronic, Inc.