SynCardia, the Tucson-based maker of artificial hearts, has filed for Chapter 11 bankruptcy and is expected to be purchased by Versa, a private equity firm located in Philadelphia, SynCardia said in a press release.
SynCardia’s operations will continue without interruption during the bankruptcy process and sale, the press release said.
No one from Versa or SynCardia would comment.
"The partnership with Versa ensures a solid financial footing on which the company can execute its business plan and accelerate its growth trajectory," the press statement said.
The sale is subject to court approval and is expected to be finalized in approximately 45 days.
SynCardia’s Total Artificial Hearts have been used in around 1,600 people to date, or about 95 percent of all artificial heart implants ever completed.