Cardiac-device maker Thoratec Corp., Pleasanton, Calif., has decided not to pursue its planned $282 million acquisition of Framington, Mass.-based HeartWare International, according to a news release.
Thoratec drops plans to acquire HeartWare
The announcement came a day after the Federal Trade Commission said it was seeking a federal district court injunction to stop the acquisition because it violated anticompetitive and antitrust rules. Thoratec is currently the only devicemaker with a Food and Drug Administration-approved left ventricular device on the market, and HeartWare has a competing device positioned for approval.
“We are disappointed by the Federal Trade Commission's decision to seek to enjoin the transaction,” said Thoratec President and CEO Gary Burbach. “Although we continue to believe in the benefits of the transaction, our management and board of directors have determined that it was in the best long-term interests of Thoratec and its shareholders not to pursue what would likely be a protracted, costly and unpredictable litigation process.”
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