Heartware International, Inc.NASDAQ
Mon, Jun. 27, 7:37 AM
- Medtronic (NYSE:MDT) will acquire HeartWare International (NASDAQ:HTWR) for $58 a share in cash for a total of $1.1B. The deal is expected to close no later than October.
- HeartWare's flagship product is the HVAD System, the world's smallest full-support ventricular assist device (VAD). It also has multiple technologies in development designed to offer progressively less-invasive mechanical circulatory support options for patients with end-stage heart failure. According to Medtronic, the global VAD market is ~$800M with anticipated long-term high-single/low-double-digit growth.
- Medtronic maintains its fiscal 2017 revenue and earnings guidance. The acquisition should be EPS accretive in year three. HeartWare will be part of its Cardiac Rhythm & Heart Failure unit within the Cardiac & Vascular Group.
- HeartWare is up 91% premarket on increased volume.
Sep. 2, 2015, 9:05 AM
- HeartWare International (NASDAQ:HTWR) acquires Israel-based privately-held Valtech Cardio for up to 5.9M shares of HTWR common stock or ~$425M based on a price of $72 per share. Valtech specializes in surgical and transcatheter valve repair and replacement devices for the treatment of mitral valve regurgitation and tricuspid valve regurgitation.
- Under the terns of the agreement, Valtech shareholders will receive 4.4M HTWR common shares upfront, 800K shares upon CE Mark clearance of Cardioband and 700K shares upon the earlier of first-in-patient implants of either Cardioband tricuspid or CardioValve. The deal also includes warrants to purchase 850K shares of HTWR common stock at $83.73 contingent on the achievement of $75M in net sales of Valtech products and a $375M earn-out payment upon the attainment of $450M in net sales of Valtech offerings. The earn-out can be in either stock or cash at HeartWare's discretion.
- HTWR is down 13% premarket on increased volume.
Jul. 21, 2015, 12:41 PM
Mar. 29, 2012, 7:32 PM