St. Jude Medical Nabs Thoratec, Beats Q2 Estimates
Device giant St. Jude Medical (STJ) on Wednesday beat Q2 estimates and announced that it’s acquiring Thoratec (THOR) for $3.4 billion, sending the latter’s stock to a new high. Rumors that St. Jude and Thoratec were talking drove Thoratec’s stock up nearly 18% to close at 57.58 Tuesday, but the final price St. Jude agreed to topped that, at $63.50 a share in cash. Analysts generally applauded the deal, seeing Thoratec’s heart-failure technology as