Medtronic Ups Its Heart-Failure Competitive Strength With HeartWare Buy
This article was originally published in The Gray Sheet
The deal gives Medtronic its first ventricular-assist devices and gives struggling HeartWare a needed boost.
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Ishrak will remain with the company as executive chairman. Geoff Martha, the current head of Medtronic’s restorative therapies group, will become president on 1 November and CEO in April 2020. Brett Wall, the current lead of the brain therapies business, will head the restorative therapies group.
Device-giant Medtronic has agreed to pay $54.5m to settle a class-action suit filed by investors in HeartWare, which Medtronic bought in 2016. The plaintiffs say HeartWare misled investors about the safety of a miniaturized heart pump under development.
With recent actions, the Medtronic HeartWare left-ventricular assist device system, acquired last year, has 11 class I recall actions to its name in the US.