HeartWare completes World Heart Corporation merger
World Heart Corporation has been acquired by HeartWare.
HeartWare could have recently sought merger and acquisition consultants, as it has completed the purchase of the World Heart Corporation.
The closure of the tie-up was announced yesterday (August 2nd) after World Heart stockholders gave the green light to the transaction.
It has resulted in HeartWare buying all of World Heart's outstanding voting securities for approximately $8 million (£5.15 million), while each World Heart's common stock shares has been converted into 0.003 HeartWare shares.
HeartWare manufactures and develops ventricular assist devices and miniaturised implantable heart pumps that can treat a number of people suffering from advanced heart failure.
"We believe that bolstering our patent portfolio and adding World Heart's technologies broadens our options for the future," president and chief executive officer of HeartWare Doug Godshall said.
He revealed he is pleased with how quickly the acquisition took and the pace of the deal, adding that his firm anticipates "moving quickly to integrate World Heart" into its operations.
Posted by Edel Quinn
Source: HeartWare press release, August 2nd