Medtronic to acquire HeartWare International

Medtronic has agreed to acquire HeartWare in a transaction valued at approximately $1.1 billion (825.44 million pounds).

HeartWare International is a leading creator of less-invasive miniaturised circulatory support technologies for the treatment of advanced heart failure, including its flagship HVAD System, which features the world's smallest full-support ventricular assist device.

The firm also has multiple technologies in development to offer progressively less-invasive mechanical circulatory support options for patients with end-stage heart failure. As such, its acquisition gives Medtronic with greater access to a lucrative market.

Medtronic said the deal aligns with its broader objectives of alleviating pain, restoring health and extending life by providing a range of innovative products to physicians, with a focus on patients and disease states.

Mike Coyle, executive vice-president and president of the cardiac and vascular group at Medtronic, said: "This transaction, once closed, will be a further important step toward Medtronic offering a complete suite of solutions to address patient needs across the heart failure care continuum."

This comes after the firm recently agreed a $350 million deal to acquire the gynaecology business of Smith and Nephew.