Medtronic will acquire HeartWare International for $1.1 billion, paying $58 per share in cash, according to The Wall Street Journal.
HeartWare, based in Framingham, Mass., develops ventricular assist devices, which are surgical implants that copy the heart's blood-pumping function.
The acquisition of HeartWare will expand Medtronic's portfolio of diagnostic tools and therapies for patients with heart failure.
"[Medtronic's] expansive expertise in the development of implantable systems and battery technologies, patient monitoring, manufacturing, global regulatory policy and commercialization should help accelerate the development and introduction of our innovative pipeline products, and will expand access to our therapies and offerings to the sizeable heart failure population," said Doug Godshall, MBA, president and CEO of HeartWare, in a statement on the companies website.
The companies expect to close the deal in late October.
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