Thoratec Corp. (THOR), a developer of therapy options for heart disease, announced the termination of its agreement to sell International Technidyne Corporation, its hemostasis management division, to Danaher Corp. (DHR).

Thoratec claims that the deal was terminated due to disagreement over "ITC's quality system and regulatory filings.”

Also contributing to the termination of the agreement was the Food and Drug Administration’s failure to accept ITC’s ProTime InRhythm, a device to measure blood clotting.

Thoratec’s management team believes that the cancellation of the agreement is in both Thoratec and ITC’s best interests, as the companies plan to revise ProTime InRythm in order to file for FDA approval by the end of this year.

Thoratec’s board estimates that the sale of its ITC division will occur within the next 12 months.