PLEASANTON, Calif., July 27 /PRNewswire-FirstCall/ — Thoratec
Corporation (Nasdaq: THOR), a world leader in device-based mechanical
circulatory support therapies to save, support and restore failing
hearts, announced today the termination, by mutual agreement, of
the previously announced agreement to sell its International
Technidyne Corporation (ITC) division to Danaher Corporation (NYSE:
DHR). The termination came about as the result of the failure of
the parties to agree about the status of certain aspects of ITC’s
quality system and regulatory filings. In addition, during the
period since the agreement was signed, the ProTime InRhythm®
launch in the U.S. has been delayed because the FDA did not clear
the product’s initial 510(k) submission. As a result, the parties
were unable to reach agreement as to whether closing conditions had
been met and thus determined to terminate the transaction
agreement.
Thoratec’s management and board of directors believe that it is
in the best interests of Thoratec, ITC and its employees to proceed
with a mutual termination of the agreement at this time to allow
ITC to focus on its key business initiatives, including efforts
that ITC believes will lead to the 510(k) clearance and launch of
InRhythm. ITC continues to make progress in these areas and
presently intends to file a new 510(k) submission for InRhythm by
the end of the year.
Consistent with prior disclosure, Thoratec plans to account for
the ITC division as “held for sale,” and its results will be
displayed in discontinued operations in the company’s financial
statements beginning in the second quarter of 2010.
Thoratec’s board of directors currently expects that a sale
of ITC will occur in the next twe
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