PLEASANTON, Calif. (AP) -- Heart device maker Thoratec Corp. said Monday it sold its International Technidyne Corp. division to Danaher Corp. for $110 million.
The unit makes diagnostic test systems.
Under the deal, Thoratec receives the cash payment, along with potential payments of about $26 million over a three-year period. Thoratec expects the sale to close during the second quarter, subject to antitrust approval.
Bank of America Merrill Lynch is the exclusive financial adviser and Latham & Watkins LLP acted as legal counsel to Thoratec.
Shares of Thoratec rose 72 cents, or 2.1 percent, to $35.07 in morning trading. The stock has traded between $23.46 and $35.77 over the last 52 weeks.
Shares of Danaher, based in Washington, fell 43 cents to $84.98.