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Under the deal, St. Jude Medical will purchase all of the outstanding shares of Thoratec for $63.50 per share.

Thoratec is involved in developing mechanical circulatory support (MCS) technology to treat advanced heart failure (HF), including ventricular assist devices (VADs) that are used for both chronic and acute patient support.

St. Jude Medical president and CEO Daniel Starks said: "Thoratec’s strong core business and rich portfolio of new products complement St. Jude Medical’s innovation-based growth strategy and will benefit patients, customers, employees and shareholders of both companies.

The acquired business will enhance St. Jude’s growth strategy through adding products and technologies, including quadripolar cardiac resynchronization therapy (CRT), remote monitoring capabilities and CardioMEMS HF System.

Thoratec produces products such as HeartMate II and HeartMate 3 left ventricular assist systems (LVAS), as well as Thoratec VAD.

The company also produces CentriMag, PediMag/PediVAS and HeartMate PHP product lines. HeartMate 3 and HeartMate PHP are investigational devices that are limited by US law to investigational use.

Thoratec CEO president and CEO Keith Grossman said: "Thoratec is pleased to join St. Jude Medical as we create a company that’s uniquely positioned to advance treatment options for patients living with heart failure."

Subject to shareholder approval, regulatory approvals and other customary closing conditions, the deal is expected to complete in the fourth quarter of this year.

Image: St. Jude Medical’s global headquarters. Photo: courtesy of St. Jude Medical, Inc.