* ITC to remain discontinued operation
* Cos unable to reach agreement over closing conditions
July 27 Cardiac-device maker Thoratec Corp
THOR.O said it terminated a deal to sell its unit,
International Technidyne Corporation (ITC), to industrial
conglomerate Danaher Corp (DHR.N).
The termination by mutual agreement with Danaher was due to
the failure of the companies to agree about the status of
certain aspects of ITC's quality system and regulatory filings,
Thoratec said in a statement.
In addition, during the period since the agreement was
signed, the launch of ITC's ProTime InRhythm in the U.S. has
been delayed as the U.S. Food and Drug Administration did not
give regulatory approval for the product, Thoratec said.
ProTime InRhythm is a device to measure the clotting
ability of blood.
The failure to get approval from FDA resulted in a
disagreement between the companies on whether the closing
conditions of the deal had been met.
Thoratec said ITC intends to file for a new marketing
application for InRhythm by the end of the year.
ITC, which makes point-of care blood testing and skin
incision products, will be listed as discontinued operations in
In April, Thoratec had agreed to sell its ITC division to
Danaher for $110 million in cash upon closing. [ID:nWNAB1909]
Shares of the company dropped 2 percent to $43.01 in
pre-market trade. They closed at $44.01 Monday on Nasdaq.
(Reporting by Shailesh Kuber in Bangalore;Editing by Prem