St. Jude Medical (NYSE:STJ) yesterday closed its $3.3 billion buyout of Thoratec, a day after the implantable heart pump maker’s shareholders approved the $63.50-per-share deal. “St. Jude Medical is excited to bring together 2 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 […]
Thoratec Corp.
St. Jude Medical’s $3B Thoratec buyout set to close today
Thoratec (NSDQ:THOR) said its shareholders approved St. Jude Medical‘s (NYSE:STJ) $3.4 billion buyout offer yesterday, setting the stage for the deal to close today. In August, U.S. anti-trust regulators cleared the deal, in which Pleasanton, Calif.-based Thoratec’s stockowners are due to receive $63.50 in cash for each THOR share. Little Canada, Minn.-based St. Jude took out a 5-year, $2.6 […]
Thoratec HeartMate 3 CE trial meets primary endpoint
Thoratec (NSDQ:THOR) said today the CE Mark trial of its HeartMate 3 left ventricular assist device has met its primary endpoint and reported a 92% rate of survival at 6 months. Data from the trial was presented at the Heart Failure Society of America’s annual meeting in Washington D.C. The HeartMate 3 is a centrifugal-flow chronic […]
Thoratec warns on expiring LVAS controller battery issue
Thoratec (NSDQ:THOR) today issued a warning to users of its HeartMate II left ventricular assist system over battery expiration dates in its pocket system controller, which the company specified does not affect normal heart pump function. The backup batteries have 36-month expiration dates, the Pleasanton, Calif.-based company said, and will display an advisory alarm at 12:00 a.m. […]
Thoratec trial pits HeartMate PHP against Abiomed’s Impella
Thoratec (NSDQ:THOR) said today that it’s launching a clinical trial pitting its HeartMate PHP device against Abiomed‘s (NSDQ:ABMD) Impella 2.5 percutaneous heart pump. The Shield II trial is slated to enroll up to 425 patients at up to 60 sites, randomized against the Impella device at a 2:1 ratio. The trial’s primary endpoint is non-inferiority based on […]
US anti-trust regulators clear St. Jude’s Thoratec buy
U.S. anti-trust regulators cleared St. Jude Medical‘s (NYSE:STJ) $3.4 billion acquisition of Thoratec (NSDQ:THOR) as the HRS Act waiting period for the purchase expired on August 28, according to an SEC filing. The passing of the waiting period is the last antitrust hurdle for Little Canada, Minn.-based St. Jude’s purchase. The company said the acquisition is still subject […]
St. Jude floats $2.6b for Thoratec buy
St. Jude Medical (NYSE:STJ) is taking out a 5-year, $2.6 billion loan from Bank of America to fund its $3.4 billion purchase of Thoratec (NSDQ:THOR), according to an SEC filing. According to the loan terms, $2.1 billion of the funds will go entirely towards the cost of acquiring Thoratec, with $500 million slated to be used to […]
‘Go-shop’ lapses without new rival for St. Jude’s $3B Thoratec buy
A 30-day “go-shop” period in St. Jude Medical‘s (NYSE:STJ) pending, $3.4 billion acquisition of Thoratec (NSDQ:THOR) lapsed last week without a 2nd suitor emerging, sending the companies’ stock prices down slightly last Friday. The merger, medtech’s latest multi-billion union, calls for St. Jude to pay $63.50 in cash for each share of Pleasanton, Calif.-based Thoratec, funded using term loans […]
FDA warns on potential LVAD issues
The FDA published a safety communication today warning about issues with implantable left ventricular assist devices. The federal watchdog referenced specific issues with both approved implantable LVADs: Thoratec’s HeartMate II and HeartWare’s HVAD system. Adverse events referenced included increased rate of pump thrombosis with the HeartMate II and a high rate of stroke with HeartWare’s […]
Thoratec beats estimates despite Q2 earnings slide
Second-quarter profits slid nearly 24% for Thoratec (NSDQ:THOR), but the implantable heart pump maker still managed to soundly beat expectations for its sales and earnings. Pleasanton, Calif.-based Thoratec posted profits of $13.2 million, or 24¢ per share, on sales of $128.7 million for the 3 months ended July 4, for a -23.9% bottom-line slide on sales growth […]
Thoratec acquisition pushes St. Jude Medical to 52-week high
St. Jude Medical (NYSE:STJ) shares hit a 52-week high yesterday on rumors of the $3.4 billion buyout of Thoratec (NSDQ:THOR) it confirmed today, also reporting a more than 7.4% bottom-line gain for the 2nd quarter and boosted its outlook for the rest of the year. Little Canada, Minn.-based St. Jude posted profits of $290 million, or $1.02 per share, on […]