FTC Challenges Thoratec-HeartWare International Merger
30 Juli 2009 - 4:38PM
Dow Jones News
The U.S. Federal Trade Commission on Thursday said it's
challenging Thoratec Corp.'s (THOR) $282 million acquisition of
medical-device maker HeartWare International Inc. (HWTR).
The FTC said in a statement Thoratec's takeover of HeartWare
would further the company's monopoly in the market for left
ventrical devices, surgically implanted blood pumps that support
and sustain patients suffering from end-stage heart failure.
Shares of Thoratec were up 2.4% Thursday morning at $25.31.
HeartWare shares were down nearly 11% at $20.50.
Thoratec, of Pleasanton, Calif., is the only company that
currently has U.S. Food and Drug Administration approval to sell
left ventrical devices.
Framingham, Mass.-based HeartWare is one of the few other makers
of these devices. One of its left ventrical devices is being tested
in clinical trials, and is positioned to be the next device
approved by the FDA, a key step before a device can be sold on the
market.
The FTC alleges Thoratec is willfully attempting to monopolize
and conspiring to maintain its monopoly in the market for left
ventrical devices and "thereby denying patients the potentially
life-saving benefits of competition between Thoratec and
HeartWare," according to the FTC's statement.
-By Jared A. Favole, Dow Jones Newswires; 202-862-9207;
jared.favole@dowjones.com
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