Thoratec Acquires Apica Cardiovascular

                    Thoratec Acquires Apica Cardiovascular

PR Newswire

PLEASANTON, Calif., July 2, 2014

PLEASANTON, Calif., July 2, 2014 /PRNewswire/ -- Thoratec Corporation (NASDAQ:
THOR), a world leader in device-based mechanical circulatory support therapies
to save, support and restore failing hearts, said today that it has acquired
Apica Cardiovascular Limited ("Apica") for an upfront cash payment of $35
million and potential future clinical and sales milestones of up to $40
million. As part of the agreement, the Apica team based at facilities in
Ireland and the United States will transition to Thoratec.

Apica has developed a suite of implant systems and devices designed to enable
transapical surgical access. These devices include a VAD Surgical Implant
System ("SIS") and the Apica Access Stabilization and Closure ("ASC") device
for use in transcatheter aortic valve replacement ("TAVR") and transcatheter
mitral valve replacement ("TMVR") procedures performed with a transapical
approach. The Apica implant systems are meant to enable uniform access to the
heart in transapical procedures with minimal interoperative and post-operative
blood loss and a secure permanent closure that eliminates the need for
sutures. The VAD SIS specifically leverages the proven existing technology
foundation of the ASC with the potential to support less invasive and off-pump
implantation of HeartMate products while seeking to facilitate reproducible
clinical outcomes and wider adoption of these implant techniques.

Thoratec will immediately assume ongoing development and commercialization of
the Apica VAD SIS and ASC platforms. The ASC device received CE Mark approval
in 2013 and is currently in limited commercial launch throughout Europe. The
VAD SIS device has achieved important development milestones and Thoratec will
continue to develop this technology to optimize its application for VAD
implants prior to initiating human clinical trials.

"We believe Apica represents an exciting transaction that will further enhance
the strong market position of our HeartMate product line over time through
introduction of an elegant suite of products customized for VAD procedures,"
said Gary F. Burbach, President and Chief Executive Officer. "Once developed,
we expect Apica's unique technology benefits will enable both expansion of the
overall VAD market as well as increased penetration for Thoratec devices," he
added.

Thoratec anticipates that the acquisition will add incremental operating
expenses of approximately $3 million during the remainder of 2014 and $6-7
million in 2015, primarily related to research and development. Additionally,
since Apica is an Irish-domiciled entity, Thoratec's tax rate will increase
modestly during the developmental phase of the VAD SIS program due to the loss
of U.S.-based expense deductions, although the company anticipates meaningful
long-term tax benefits from this transaction. Thoratec will also recognize
transaction-related expenses, including the amortization of intangible assets,
which will be quantified in the company's second and third quarter earnings
reports following completion of the purchase price allocation for the
transaction.

Thoratec is a world leader in therapies to address advanced-stage heart
failure. The company's products include the HeartMate II and HeartMate III
LVAS (Left Ventricular Assist Systems) and Thoratec® VAD (Ventricular Assist
Device) with more than 20,000 devices implanted in patients suffering from
heart failure. Thoratec also manufactures and distributes the CentriMag® and
PediMag®/PediVAS® product lines. Thoratec is headquartered in Pleasanton,
California. For more information, visit the company's website at
http://www.thoratec.com.

The preceding paragraphs contain forward-looking statements within the meaning
of Sections 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements can be identified by the
words, "believes," "views," "expects," "plans," "projects," "should," "hopes,"
"could," "will," "estimates," "potential," and other similar words. Actual
results, events or performance could differ materially from these
forward-looking statements based on a variety of factors, many of which are
beyond Thoratec's control. Therefore, readers are cautioned not to put undue
reliance on these statements. Investors are cautioned that all such statements
involve risks and uncertainties, including risks related to regulatory
approvals, the development of new products, including development and clinical
trial timing, the growth of existing markets for our products, customer and
physician acceptance of Thoratec products, the effects of FDA or foreign
regulatory authority requirements, our ability to address quality issues
adequately and on a timely basis without a resulting recall of products or
interruption of manufacturing or shipment of products, the effects of
healthcare reimbursement and coverage policies, and the effects of
competition. Forward-looking statements contained in this press release should
be considered in light these factors and those factors discussed from time to
time in Thoratec's public reports filed with the Securities and Exchange
Commission, such as those discussed under the heading, "Risk Factors," in
Thoratec's most recent annual report on Form 10-K, quarterly reports on Form
10-Q, current reports on Form 8-K and other SEC filings. These forward-looking
statements speak only as of the date hereof. Thoratec undertakes no obligation
to publicly release the results of any revisions to these forward-looking
statements that may be made to reflect events or circumstances after the date
hereof, or to reflect the occurrence of unanticipated events.

SOURCE Thoratec Corporation

Website: http://www.thoratec.com
Contact: Neil Meyer, Director of Investor Relations, Thoratec Corporation,
(925) 738-0029
 
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