Medtronic recently announced that it has completed the acquisition of HeartWare International, an innovator in mechanical circulation assist (MCS), primarily for the treatment of patients with severe heart failure. HeartWare will be part of the heart failure business of the Medtronic Heart Rhythm and Heart Failure business unit. Under the terms of the transaction, the issued shares of HeartWare common stock per share will be converted into a cash interest of $58 (no interest and subject to withholding tax).
The Mini Implantable Ventricular Assist Device (VAD) developed and manufactured by HeartWare is designed to alleviate the pain of patients with severe heart failure. The flagship HVAD system is the world's very small ventricular assist device (VAD), used in the United States to treat patients with refractory end-stage left heart failure waiting for a heart transplant, and is approved in Europe for risk of heart failure. End-stage patients are used for a long time.
Medtronic expects that VAD's global market size is currently about 800 million US dollars. It is expected to achieve a medium-to-high single-digit growth in 2016-2017 and a rapid growth in high-digit single digits or low-digit double digits after 2017.
"M&A HeartWare not only expands the Medtronic heart failure product portfolio, but its subsequent product line combined with our expertise can create a more minimally invasive heart pump that is expected to benefit more patients." Medtronic Vice President and General Manager of Heart Failure Business David Steinhaus said: "Currently, Medtronic patients provide innovative cardiac resynchronization therapy equipment , including cardiac resynchronization defibrillator (CRT-D) compatible with nuclear magnetic scanning, MCS therapy for patients with end-stage heart failure, and heart failure diagnostic tools. And meaningful expert assessments of Medtronic Care Management Services, including the recently launched Beacon Heart Failure Management Service."
The acquisition of HeartWare will expand Medtronic's product portfolio in heart failure, including diagnostic tools, therapies and services for the benefit of heart failure patients, which not only meets Medtronic's mission of “alleviating pain, restoring health and prolonging lifeâ€, but also in line with Medtronic's commitment to being a doctor. Provide innovative products while focusing on long-term development strategies for patients and related diseases.
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