HeartWare International Inc
), a global provider of miniaturized ventricular assist devices
(VAD) for diagnosis of advanced heart failure, recently announced
that it has closed its acquisition of
) after obtaining the approval of the latter's stockholders.
The acquisition is expected to enhance HeartWare's available
product portfolio by including WorldHeart's advanced technology.
Management at HeartWare asserts that the acquisition underlines the
company's near-term focus of global leadership in the ventricular
assist device (VAD) market.
WorldHeart is also a global provider of mechanical circulatory
support systems. It is currently developing an advanced continuous
flow pump, the MiFlow VAD. The company's technical know-how and
skill set is expected to boost HeartWare's research efforts. The
merger will not only complement HeartWare's existing product line,
but also bolster its intellectual property portfolio.
Per the agreement, HeartWare acquired and merged the outstanding
voting securities of WorldHeart for $8 million of its common stock.
The amount is based on the terms and conditions of the acquisition.
As calculated, each share of WorldHeart common stock has been
altered into the right to procure 0.003 shares of HeartWare common
Following the issuance of around 83,000 new shares of HeartWare
common stock to WorldHeart stockholders, HeartWare outstanding
common stock will increase to roughly 14,275,000 shares.
Headquartered in Framingham, Massachusetts, HeartWare is an
innovator and producer of miniaturized implantable heart pumps. The
company faces a tough competitive landscape with
The HeartWare Ventricular Assist System is currently under FDA
review since the company submitted its Premarket Approval (PMA)
application in December 2010. Once approved, HeartWare is
expected to close the technological gap and end Thoratec's
dominance for the bridge-to-transplant (BTT) indication.
HeartWare currently retains a Zacks #3 Rank, which translates
into a short-term Hold rating.
HEARTWARE INTL (HTWR): Free Stock Analysis
THORATEC CORP (THOR): Free Stock Analysis
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