St Jude Medical announces takeover of Thoratec

St Jude Medical has announced the acquisition of fellow medical technology firm Thoratec in a deal worth $3.4 billion (2.19 billion pounds).

Thoratec is known as a global leader in the field of mechanical circulatory support technology, which is used in the treatment of advanced heart failure. Its portfolio includes ventricular assist devices used for both chronic and acute patient support.

It is expected that the takeover will accelerate St Jude Medical's growth strategy, allowing it to expand an industry-leading heart failure portfolio that already includes quadripolar cardiac resynchronisation therapy devices, remote monitoring capabilities and the CardioMEMS HF System.

The combination of the complementary product lines of both companies is expected to create the most comprehensive portfolio of products for the management and treatment of heart failure offered by any business.

Daniel Starks, chairman, president and chief executive officer of St Jude Medical, said: "Thoratec's strong core business and rich portfolio of new products complement St Jude Medical's innovation-based growth strategy and will benefit patients, customers, employees and shareholders of both companies."

This follows the firm's acquisition of Spinal Modulation earlier this year.