The following excerpt is from the company's
St. Paul, MN 55117-9913 USA
Tel 651 756 2000
Candace Steele Flippin
Tel 651 756 4347
Tel 651 756 3029
St. Jude Medical Completes Acquisition of Thoratec
ST. PAUL, Minn. October 8, 2015 St. Jude Medical, Inc. (NYSE:STJ), a global medical device company, today announced it has completed the previously announced acquisition of Thoratec Corporation, a worldwide leader in mechanical circulator y support (MCS) technology for the treatment of advanced heart failure (HF).
The acquisition will add the HeartMate II® VAD, the most widely used and extensively studied left ventricular assist device (VAD), as well as the next generation HeartMate 3 and HeartMate PHP devices and other complementary products to St. Jude Medicals market-leading heart failure portfolio. With the addition of these product lines, St. Jude Medical will now offer the most comprehensive portfolio of products for the management and treatment of heart failure.
Commenting on the acquisition, St. Jude Medicals Chief Operating Officer and incoming President and Chief Executive Officer Michael T. 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. We believe this acquisition represents a tremendous opportunity and we welcome Thoratecs employees as we look forward to changing the way the world views the treatment of this expensive epidemic disease.
The transaction is valued at approximately $3.3 billion, net of cash acquired. Under the terms of the transaction, each share of Thoratec outstanding as of the closing has been converted into the right to receive $63.50 in cash, without interest. St. Jude Medical continues to expect this transaction to be accretive to adjusted earnings per share in 2016.
The closing of the transaction follows the receipt of all necessary regulatory requirements and approval of the...