Following the Federal Trade Commission’s approval of a lawsuit to block the transaction, Thoratec Corporation today announced that it has abandoned its proposed $282 million acquisition of HeartWare International. The FTC’s complaint charged that the deal would be illegal because it would substantially reduce competition in the U.S. market for left ventricular assist devices (LVADs), a life-sustaining treatment for patients with advanced heart failure. The FTC’s complaint charged that Thoratec sought to maintain its monopoly on the commercial sale of LVADs in the United States by acquiring HeartWare.
“Today’s announcement is a major victory for the patients who rely on these critically important life-saving medical devices. Now that Thoratec and HeartWare have called off their proposed merger, U.S. consumers who are already facing increasing health care costs will reap the benefits of both current and future competition between these two companies,” said Richard Feinstein, Director of the FTC’s Bureau of Competition.
The FTC’s Bureau of Competition works with the Bureau of Economics to investigate alleged anticompetitive business practices and, when appropriate, recommends that the Commission take law enforcement action. To inform the Bureau about particular business practices, call 202-326-3300, send an e-mail to [email protected], or write to the Office of Policy and Coordination, Room 394, Bureau of Competition, Federal Trade Commission, 600 Pennsylvania Ave, N.W., Washington, DC 20580. To learn more about the Bureau of
Competition, read “Competition Counts” at http://www.ftc.gov/competitioncounts.
(FTC File No. 091-0064)
(Thoratec Statement.final.wpd)