PLEASANTON, Calif.,
Nov. 4, 2010 /PRNewswire-FirstCall/
-- Thoratec Corporation (Nasdaq: THOR), a world leader in
device-based mechanical circulatory support therapies to save,
support and restore failing hearts, said today that it has sold its
International Technidyne Corporation (ITC) division to an affiliate
of Warburg Pincus LLC, pursuant to a definitive stock purchase
agreement.
"We believe that this transaction provides a positive outcome
for all parties, enabling Thoratec to focus our attention and
resources on our exciting VAD business, led by the HeartMate II®,
which has seen a very successful commercial launch for the
Destination Therapy indication," said Gary
F. Burbach, president and chief executive officer of
Thoratec.
Thoratec received a payment of $55
million in cash upon the closing of the transaction, and
beginning in 2011, ITC will no longer appear in Thoratec's
financial statements. For the fourth quarter of 2010, a
partial period of ITC's results will continue to appear as a
discontinued operation in Thoratec's GAAP and non-GAAP income
statements, where the business has been reported since the second
quarter of 2010.
BofA Merrill Lynch acted as exclusive financial advisor and
Latham & Watkins LLP acted as legal counsel to Thoratec.
Thoratec is a world leader in therapies to address
advanced-stage heart failure. The company's product lines include
the HeartMate® LVAS (Left Ventricular Assist System) and Thoratec®
VAD with more than 15,000 devices implanted in patients suffering
from heart failure. Thoratec is headquartered in Pleasanton, California. For more
information, visit Thoratec's web site at http://www.thoratec.com.
ITC is a leader in point-of care blood testing and skin
incision products. For more information, visit ITC's web site at
http://www.itcmed.com.
Thoratec, the Thoratec logo, HeartMate and HeartMate II are
registered trademarks of Thoratec Corporation. ITC, A-VOX Systems,
AVOXimeter, HEMOCHRON, ProTime, ProTime InRhythm, Tenderfoot and
IRMA are registered trademarks of International Technidyne
Corporation.
Many of the preceding paragraphs, particularly but not
exclusively those addressing future performance or
timelines for regulatory approvals, contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
These statements can be identified by the words, "believes,"
"views," "expects," "plans," "hopes," "could," "will," and other
similar words. Actual results, events or performance could differ
materially from these forward-looking statements based on a variety
of factors, many of which are beyond Thoratec's control. Therefore,
readers are cautioned not to put undue reliance on these
statements. Investors are cautioned that all such statements
involve risks and uncertainties, including risks related to merger,
acquisition or divestiture activities, regulatory approvals,
the development of new markets including Destination Therapy, the
growth of existing markets for our products, customer and physician
acceptance of Thoratec products, changes in the mix of existing
markets for our products, and the effects of FDA regulatory
requirements. Forward-looking statements contained in this press
release should be considered in light of these factors and those
factors discussed from time to time in Thoratec's public reports
filed with the Securities and Exchange Commission, such as those
discussed under the heading, "Risk Factors," in Thoratec's most
recent annual report on Form 10-K, and as may be updated in
subsequent SEC filings. These forward-looking statements speak only
as of the date hereof. Thoratec undertakes no obligation to
publicly release the results of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof, or to reflect the occurrence
of unanticipated events.
SOURCE Thoratec Corporation