HeartWare Cancels $930M Deal with Valtech Cardio

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HeartWare International, Inc. has announced that it will not longer proceed with its previously announced deal to acquire Valtech Cardio, Ltd.  Valtech is a privately held Israeli company developing transcatheter mitral and tricuspid replacement and repair therapies.  Back in September of 2015, HeartWare announced a definitive agreement to acquire Valtech for a combination of stock and cash estimated to be worth $930 million.  HeartWare’s President and CEO, Doug Godshall, made statements that the new decision to terminate the proposed deal with Valtech was not a reflection on Valtech’s technology:

“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.  Our focus in the coming months will be on returning the MVAD System to the clinic, further enhancing the HVAD System, particularly in light of our plan to submit for the Destination Therapy indication for HVAD in the middle of this year, and progressing our innovative circulatory support pipeline[.]”

The termination follows several months of shareholder disputes and a decline in HeartWare’s stock price. As a result of this termination, HeartWare will be providing Valtech with a $30 million dollar loan.  HeartWare International, Inc. is a publicly traded company focused on miniaturized implantable heart pumps for treating patients from advanced heart failure, having its corporate headquarters in Framingham, Massachusetts.

 

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