FRAMINGHAM , Mass., June 27 (UPI) -- Medical technology company Medtronic PLC and HeartWare International Inc., makers of the HVAD ventricular assist device, announced a merger Monday.
Medtronic will pay $58 per outstanding share of HeartWare, headquartered in Framingham, Mass., in a merger valued at $1.1 billion.
HeartWare stock jumped 67 percent in pre-market trading Monday after the announcement. The company's stock had fallen 41 percent in 2016, prior to the announcement. It closed Friday at $29.98.
HeartWare is a leading manufacturer of miniaturized, implantable circulatory devices. Its most prominent product, the HVAD system, offers less-invasive surgeries and faster healing times for patients with heart failure. It is also involved in other miniaturization technologies for circulatory systems.
Medtronic, based in Dublin, Ireland, manufactures an array of medical technology products. A statement from the company said it estimates the global market for ventricular assist devices at $800 million per year, with growth of over 10 percent expected by 2017.
The union of the two companies is expected by October.
