St. Jude Medical Completes Acquisition of Thoratec

October 8, 2015—St. Jude Medical, Inc. announced it has completed the acquisition of Thoratec Corporation. On July 22, 2015, the companies advised that they had entered into a definitive agreement under which St. Jude Medical would acquire all of the outstanding shares of Thoratec. 

Under the terms of the transaction, which is valued at approximately $3.3 billion net of cash acquired, each share of Thoratec that is outstanding as of the closing has been converted into the right to receive $63.50 in cash without interest.

The acquisition will add the HeartMate II left ventricular assist device (VAD), the next-generation HeartMate 3, the HeartMate PHP acute percutaneous heart pump, and other complementary products to St. Jude Medical’s heart failure portfolio.

Additionally, the company anticipates receiving European CE Mark approval for the HeartMate 3 VAD in the fourth quarter of 2015. The HeartMate 3 is an investigational chronic left VAD that uses the company’s Full MagLev flow technology, a fully magnetically levitated technology foundation designed to lower adverse event rates while also enhancing the ease of surgical placement. The device is intended for a broad range of advanced heart failure patients and is in clinical trial for use as long-term support for patients who are not candidates for cardiac transplantation. It will also be evaluated for short-term support options for patients awaiting transplantation. The United States investigation device exemption trial for MOMENTUM 3 is currently enrolling patients, stated St. Jude Medical.