Under the deal, Medtronic will purchase HeartWare common stock by paying $58.00 per share in cash.
Subject to the satisfaction of customary closing conditions, the deal is expected to complete in the second fiscal quarter of this year.
Based in Framingham of Massachusetts, HeartWare develops and produces miniaturized implantable heart pumps or ventricular assist devices to treat heart failure patients.
HeartWare’s HVAD system, which is claimed to be the world’s smallest full-support ventricular assist device, lowers surgical invasiveness, enhances patient recovery times and patient outcomes.
The company has technology, operations, manufacturing and distribution centers in Miami Lakes of Florida and Arden Hills of Minnesota in the US, as well as Hannover, Germany.
The acquisition will allow Medtronic to expand its diagnostic tools, therapies and services to treat patients with heart failure.
HeartWare president and CEO Doug Godshall said: "Combining the unique capabilities of the HeartWare team, which has been entirely focused on mechanical support technologies, with the broad strength of the Medtronic organization provides a unique opportunity to enhance growth in the mechanical circulatory support market."
Medtronic chairman and CEO Omar Ishrak said: "HeartWare’s HVAD System enhances the portfolio of our Cardiac & Vascular Group, a team with a proven track record of executing and a demonstrated ability to scale early stage concepts into large, sustainable end markets."
In May, Medtronic agreed to acquire Smith & Nephew’s gynecology (GYN) business for about $350m.
Smith & Nephew’s GYN portfolio includes Truclear system, which will be used to remove abnormal uterine tissue such as polyps and fibroids.
Image: Medtronic operational headquarters, Minneapolis. Photo: courtesy of Medtronic, Inc.
