St Jude Medical has completed the acquisition of Thoratec, a developer of mechanical circulatory support (MCS) technology to treat advanced heart failure (HF), for $3.3bn.
Under the deal, which was announced in July, St Jude paid $63.50 per share to Thoratec, which produces the HeartMate II left ventricular assist device (LVAD).
Thoratec also manufactures and markets CentriMag, PediMag/PediVAS, HeartMate 3 and HeartMate PHP.
The acquisition will allow St Jude to expand its portfolio of products for the management and treatment of HF.
St Jude Medical incoming president 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 acquisition will support St Jude's growth strategy with the addition of products and technologies, including quadripolar cardiac resynchronisation therapy (CRT), remote monitoring capabilities and CardioMEMS HF system.
The HeartMate II LVAD obtained approval from 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.
In addition, the acquisition will also add the next generation HeartMate III, HeartMate PHP devices and other complementary products to St Jude's heart failure portfolio.
HeartMate III 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 company is currently enrolling patients in the Momentum III US IDE trial to asses HeartMate III VAD.
In this transaction, Bank of America Merrill Lynch is acting as financial advisor and Gibson, Dunn & Crutcher LLP is serving as legal counsel to St Jude.