US-based medical device maker St. Jude Medical has completed the $3.3bn acquisition of Thoratec, which develops mechanical circulatory support (MCS) technology to treat advanced heart failure (HF).
The deal was announced in July this year.
As part of the transaction, St. Jude has paid $63.50 per share to Thoratec, which produces HeartMate II left ventricular assist device (VAD).
Thoratec also manufactures and markets CentriMag and PediMag/PediVAS, HeartMate 3 and HeartMate PHP.
The acquired business will enable St. Jude Medical to expand its portfolio of products for the management and treatment of HF.
St. Jude Medical COO and incoming president and CEO Michael Rousseau said: "St. Jude Medical is excited to bring together two companies that are considered heart failure therapy leaders and build on our established franchise that is now uniquely positioned to offer physicians and patients innovative solutions across the heart failure continuum."
The HeartMate II LVAD obtained approval from the US Food and Drug Administration (FDA) for patients awaiting transplantation (bridge-to-transplantation) in 2008 and for patients who are not candidates for cardiac transplantation in 2010.
The HeartMate 3 VAD is an investigational chronic LVAD, which uses Full MagLev flow technology to reduce adverse event rates and facilitate better surgical placement.
The device is expected to receive CE mark approval for short-term support options for patients awaiting transplantation, by the end of this year. The firm is currently enrolling patients in the Momentum 3 US IDE trial to asses HeartMate 3 VAD.
In August 2014, St. Jude Medical acquired manufacturer of interventional pain management therapies NeuroTherm for $200m.
Image: St. Jude Medical’s global headquarters. Photo: courtesy of St. Jude Medical, Inc.