PLEASANTON, Calif. (AP) -- Heart device maker Thoratec Corp. said Tuesday it agreed to cancel the $110 million sale of its diagnostic test business to Danaher Corp.
Danaher agreed to buy International Technidyne Corp. in April. Thoratec said the two companies canceled the deal because they were stuck in a disagreement about the status of ITC's quality systems and regulatory filings. Furthermore, the launch of an ITC product was delayed after the Food and Drug Administration refused to clear the company's ProTime InRhythm device.
As a result Thoratec said the companies could not agree that the closing conditions of the deal had been met. Thoratec said it plans to submit a new application for approval of ProTime InRhythm by the end of 2010, and it expects to sell ITC within the next year.
In afternoon trading, Thoratec shares fell 70 cents to $43.31. Danaher stock dipped 15 cents to $38.45.