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 the heart failure continuum,” COO and incoming president & CEO Michael Rousseau said in prepared remarks. “We believe this acquisition represents a tremendous opportunity and we welcome Thoratec’s employees as we look forward to changing the way the world views the treatment of this expensive epidemic disease.”
Thoratec makes a line of left ventricular assist devices for treating heart failure called HeartMate.
Little Canada, Minn.-based St. Jude took out a 5-year, $2.6 billion loan from Bank of America to fund the acquisition, earmarking $2.1 billion for the buy and the remaining $500 million for refinancing and general purposes. U.S. anti-trust regulators cleared the deal in August.
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