Medtronic and HeartWare International recently announced that the two companies have reached a definitive agreement, Medtronic will acquire HeartWare, the transaction value is about 1.1 billion US dollars. Under the agreement, Medtronic will issue an offer to buy all issued shares at $58 per share in cash. The board of directors of both companies has approved the transaction. The acquisition is expected to be completed by the end of October 2016.

The acquisition of HeartWare will expand Medtronic's product portfolio in heart failure, including diagnostic tools, therapies and services for the benefit of heart failure patients, which not only meets Medtronic's mission of “alleviating pain, restoring health and prolonging life”, but also in line with Medtronic's commitment to being a doctor. Provide innovative products while focusing on long-term development strategies for patients and related diseases.

HeartWare's flagship product is the HVAD system, a very small ventricular assist device (VAD) designed to reduce surgical trauma, reduce patient recovery time and improve clinical outcomes. In addition, HeartWare has a number of technologies under development to provide a more minimally invasive mechanical cycle assisted option for patients with end-stage heart failure. Medtronic expects that the global market size of VAD is currently about 800 million US dollars. It is expected to achieve a single-digit growth in the middle and high positions in 2016, and will achieve high single digit/low double digit growth in the next few years.

“HeartWare's innovative products will enhance our portfolio of diagnostics, therapies and services in heart failure,” said Mike Coyle, Executive Vice President and President of Cardiovascular Business Group at Medtronic. “The HeartWare team has a good relationship with hospital customers and has a good market. Word of mouth. After the transaction, Medtronic has taken an important step on the road to providing a complete solution for patients with heart failure."

"Melton is a global leader in cardiovascular technology. Medtronic's expertise in implantable devices, battery technology, patient monitoring, manufacturing, global regulation and commercialization will accelerate the development and launch of our innovative products for greater benefit. "Fat patients," said HeartWare President and CEO Doug Godshall.

Heart failure, also known as congestive heart failure, refers to insufficient blood supply to meet the needs of the human body, usually occurs slowly after heart damage, including heart attack, high blood pressure, and valvular disease. In the United States, heart failure is a major cause of hospitalization and death. More than 5 million people in the United States alone suffer from the disease and continue to grow. The cost of heart failure treatment is high, and the United States spends about $39 billion annually in this area, which is one of the biggest diseases in its medical system. As the population ages, Medtronic expects more than 8 million patients with heart failure in the United States by 2030.

“HeartWare's HVAD system enhances the Carbon Business Group (CVG) portfolio, and the CVG team has extensive experience in developing early concepts into large-scale and sustainable markets,” Medtronic Chairman and CEO Omar · Ishrak said. “In addition to this, from a financial perspective, this transaction is in line with the company's short-term and long-term shareholder interests.”

The M&A deal is in line with Medtronic's priority strategic initiatives for therapeutic innovation. Working with leading doctors, researchers and scientists around the world, Medtronic offers a wide range of innovative interventions and surgical therapies in the field of cardiovascular disease and arrhythmia, aiming to provide the world with products and services of clinical economic value.

The deal is expected to reach the long-term economic indicators of Medtronic's acquisitions. Medtronic will not change its revenue outlook for FY2017. In the Medtronic earnings report, HeartWare will be part of the heart rhythm disease management business of the Cardiovascular Business Group.

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