• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

  • Latest News
    • Cardiovascular
    • Orthopedics
  • Wall Street Beat
    • Funding Roundup
    • Mergers & Acquisitions
  • Podcasts & Webinars
    • Podcasts
    • Webinars
  • Resources
    • About MassDevice
    • Newsletter Signup
    • Leadership in Medtech
    • Manufacturers & Suppliers Search
    • MedTech 100 Index
    • Videos
    • Whitepapers
  • DeviceTalks Tuesdays
  • Coronavirus: Live updates
Home » HeartWare spikes Valtech Cardio deal, settles proxy war

HeartWare spikes Valtech Cardio deal, settles proxy war

January 28, 2016 By Brad Perriello

HeartWare acquires Valtech CardioHeartWare International (NSDQ:HTWR) today backed out of its acquisition of Israeli replacement heart valve maker Valtech Cardio and settled a proxy war with activist investor Engaged Capital.

“HeartWare’s decision last fall to acquire Valtech represented a unique opportunity to bring together 2 complementary portfolios for substantial, high-growth markets and create a broad technology pipeline for the treatment of patients with heart failure,” president & CEO Doug Godshall said in prepared remarks. “While we continue to believe Valtech’s portfolio of mitral and tricuspid interventional tools holds tremendous promise, HeartWare finds itself in a different set of circumstances than when we first entered into the agreement.”

Godshall said Framingham, Mass.-based HeartWare will focus on getting its next-generation MVAD program back on line and pursue a destination therapy indication for its HVAD device. Both are left ventricular assist devices designed to treat patients with heart failure.

“By stepping away from the acquisition, all of our resources will be dedicated to strengthening our existing business to put the company in the best position to take advantage of the significant opportunities within our ventricular assist device portfolio. We recognize from our discussions with shareholders over the past several weeks that they, too, share our enthusiasm for the strength of our core VAD franchise, and we look forward to realizing this value together,” Godshall said. “This decision does not, in any way, reflect a lack of enthusiasm for Valtech or the mitral and tricuspid valve opportunities, and we wish Valtech all the best in advancing their company to the next level.”

The move means HeartWare must make a $30 million convertible promissory note to Valtech.

In a separate release, HeartWare said it settled its beef with activist investor Engaged Capital by agreeing to jointly select an additional independent director for HeartWare’s board and setting up a business strategy committee.

“We have maintained an open dialogue with Engaged Capital over the last several months, and following recent, constructive discussions, we are pleased to have reached an agreement with them,” Godshall said. “We look forward to working collaboratively to select a new, highly qualified, independent director who will bring a complementary perspective and further strengthen our Board of Directors.”

“We are pleased to have reached an amicable resolution with HeartWare following the termination of the Valtech transaction. We appreciate the steps the company has taken today to maintain focus on its core ventricular assist device business,” added Engaged Capital principal & chief investment officer Glenn Welling. “We invested in HeartWare because we are confident in the strength of HeartWare’s core VAD business and in the significant opportunity for growth within the global mechanical circulatory support market. We believe HeartWare’s VAD franchise is significantly undervalued and that additional objective, financial perspectives represented on the Board can help support HeartWare’s efforts to drive growth and enhance shareholder value.”

Filed Under: Mergers & Acquisitions, Structural Heart, Wall Street Beat Tagged With: Engaged Capital, HeartWare International Inc.

In case you missed it

  • Abbott imaging catheter recall flagged as Class I by FDA
  • Will Johnson & Johnson buy Boston Scientific?
  • Needham & Co. downgrades Medtronic, Zimmer Biomet shares
  • DoMore Diagnostics wins CE mark for AI algorithm that predicts colorectal cancer outcomes
  • Quidel, Ortho Clinical Diagnostics combine to form in vitro diagnostics company
  • Zimmer Biomet adds ESG and CEO visibility to executive’s duties
  • U of Maryland scientist to set up NIH’s new Advanced Research Projects Agency for Health
  • ‘Catastrophic explosion’ and resin shortage led Medtronic’s supply chain problems
  • FDA grants IDE for MedAlliance’s sirolimus-eluting balloon
  • Medtronic ‘hopeful’ on FDA clearance for next-gen diabetes tech in FY 2023
  • Bigfoot Biomedical adds former Insulet VP as chief commercial officer
  • Medtronic, DaVita to form new kidney care company
  • Medtronic stock down on Q4 earnings miss
  • 3M Health Care Business president is leaving this year
  • Device developer SeaStar Medical hires chief medical officer
  • AccuPulse raises $10M Series A
  • Exactech announces first U.S. surgeries with its nex-gen laser cage glenoid

RSS From Medical Design & Outsourcing

  • Download COMSOL News Special Edition Biomedical
    Get instant access to this special edition of COMSOL News where you will read user stories that showcases how simulation enables engineers, researchers, and scientists explore and analyze biomedical designs. Download Now.       The post Download COMSOL News Special Edition Biomedical appeared first on Medical Design and Outsourcing.
  • Qosina adds new tube-to-tube barb connectors
    Qosina has added 25 new tube-to-tube barb connectors to its portfolio, the OEM single-use component supplier for the medical and pharmaceutical industries said this week. Ronkonkoma, New York-based Qosina said its inventory of tube-to-tube barb connectors is available in more than 500 configurations. The connectors can fit inner tube diameters between 1/32 in and 1… […]
  • Abbott imaging catheter recall flagged as Class I by FDA
    The FDA has identified the Abbott (NYSE:ABT) recall of its Dragonfly OpStar Imaging Catheter as a Class I recall. That’s the most serious level of a medical device recall, carrying the risk of serious injury or death. Five incidents, one injury and zero deaths were reported when Abbott initiated the recall on April 11. The… […]
  • Zimmer Biomet adds ESG and CEO visibility to executive’s duties
    Zimmer Biomet (NYSE:ZBH) today announced additional responsibilities for Investor Relations SVP and Chief Communications Officer Keri Mattox. Mattox’s new title at the Warsaw, Indiana-based orthopedics company is chief communications and administration officer. She will be responsible for “building and executing a comprehensive strategy around Environmental, Social and Governance (ESG) initiatives and increasing CEO visibility, engagement… […]
  • ‘Catastrophic explosion’ and resin shortage led Medtronic’s supply chain problems
    Medtronic CEO Geoff Martha today said a “catastrophic explosion” in Medtronic’s supply chain for packaging and a shortage of resins were the biggest issues hurting the company’s fourth-quarter performance. Fridley, Minnesota-based Medtronic (NYSE:MDT) reported about $350 million less in sales than analysts were expecting for the quarter, which ended April 29. Martha said about 75%… […]
  • 3M Health Care Business president is leaving this year
    3M Health Care Business Group President Mojdeh Poul will retire from the company on July 1, 2022. Poul joined Maplewood, Minnesota-based 3M (NYSE:MMM) in 2011 as the global business VP of critical and chronic care solutions. She later became VP and general manager of the company’s food safety business and president of numerous 3M divisions,… […]
  • Iterative Scopes announces positive data in Skout AI colonoscopy algorithm clinical trial
    Iterative Scopes this week announced positive trial data in a study of its colorectal cancer screening algorithm, Skout. Cambridge, Massachusetts-based Iterative Scopes designed Skout as a computer-aided device (CADe) that uses artificial intelligence and computer vision technology to detect suspicious tissue and provide real-time feedback for gastroenterologists performing the procedure. Get the full story on… […]
  • Device developer SeaStar Medical hires chief medical officer
    SeaStar Medical has hired Dr. Kevin Chung as chief medical officer of the medtech developer starting July 1. Denver-based SeaStar is developing a platform therapy focused on hyperinflammation of vital organs. The company’s Selective Cytopheretic Device was designated as a breakthrough device by the FDA earlier this year. SeaStar is set to go public in… […]
  • Varta presents microbattery product portfolio at Computex 2022
    Varta will present its broad product portfolio of microbatteries, which make a wide range of future-proof applications possible, at Computex in Taipei starting today. Varta’s microbattery product portfolio ranges from rechargeable lithium-ion button cells to nickel metal hydride button cells, primary silver oxide cells, primary lithium button cells and cylindrical lithium batteries to hydrogen gas… […]
  • Entegris opens Life Sciences Technology Center in Massachusetts
    Entegris (Nasdaq:ENTG) announced today that it opened a new Life Sciences Technology Center in Billerica, Massachusetts. The new Life Sciences Technology Center was built to offer life sciences customers the opportunity to leverage Entegris’ cold-chain supply expertise to optimize processes, reduce costs and increase speed to market. Get the full story at our sister site,… […]
  • MedAcuity hires SVP of business development
    Medtech software development firm MedAcuity today said it has hired Simon Johnson as SVP of business development. Westford, Massachusetts-based MedAcuity said Johnson previously built the client partner team and managed strategic clients at digital consultancy Mobiquity. He also served as SVP of client services at GreenPages Technologies, responsible for driving services revenue growth leading to… […]

Primary Sidebar

DeviceTalks Weekly

May 27, 2022
Quick message - No DTW podcast, but plenty else to listen to over this weekend and next week.
See More >

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
Need Medtech news in a minute?
We Deliver!

MassDevice Enewsletters get you caught up on all the mission critical news you need in med tech. Sign up today.

MDO ad

Footer

MASSDEVICE MEDICAL NETWORK

DeviceTalks
Drug Delivery Business News
Medical Design & Outsourcing
Medical Tubing + Extrusion
Drug Discovery & Development
Pharmaceutical Processing World
MedTech 100 Index
R&D World

Device Talks Webinars, Podcasts, & Discussions

Attend our Monthly Webinars
Listen to our Weekly Podcasts
Join our Device Talks Tuesdays Discussion

MASSDEVICE

Subscribe to MassDevice E-Newsletter
Advertise with us
About
Contact us
Add us on Facebook Follow us on Twitter Connect with us on LinkedIn Follow us on YouTube

Copyright © 2022 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Advertise | Privacy Policy | RSS