Tuesday, July 27, 2010

Thoratec Aborts ITC Sale

Pleasanton-based Thoratec, a developer of ventricular assistant devices for patients with heart failure, said today that it has terminated its agreement to sell its International Technidyne Corporation (ITC) division to Danaher Corporation. The firm said the termination came as a result of failure to agree on the status of certain aspects of ITC's quality system and regulatory filings. Thoratec also said the change came as the launch of ProTime InRhythm, one of the products in its ITC division, were delayed because the FDA did not clear its initial 510(k) submissions. Thoratec said it still expects to sell the division in the next 12 months, although it did not identify any new potential buyers for the division.