Sorin Group Acquires Oscor’s CRM Lead Business to Enhance Lead Portfolio for MRI System Development
MILAN--(BUSINESS WIRE)--Sorin Group (MIL:SRN) (Reuters Code: SORN.MI), a global medical device company and a leader in the treatment of cardiovascular diseases, announced today the purchase of Oscor Inc. (“Oscor”) lead business, including a lead manufacturing facility in the Dominican Republic for an aggregate value of approximately $20 million (Eur15.4 million).
Oscor, headquartered in Tampa (Florida, US), is one of the largest independent players in the development and manufacture of cardiac leads and catheters. With over 400 employees and manufacturing facilities in the U.S. and the Dominican Republic, Oscor sells its products both to end-customers and to leading medical device companies, including Sorin Group, on an Original Equipment Manufacturer (OEM) basis.
Under this agreement, Sorin Group acquires: i) Oscor-branded and OEM for Sorin bradycardia lead business; ii) design files and development resources which will be the foundation for the development of Magnetic Resonance Imaging (MRI) compatible tachycardia and left ventricular leads; and iii) one of Oscor’s fully-equipped lead manufacturing facility, ISO certified and FDA registered, based in the Dominican Republic.
Sorin Group expects that this acquisition will generate additional revenues from Oscor’s existing lead business and consolidate its MRI compatible brady leads that are currently produced by Oscor. In addition, this agreement represents an opportunity for further co-operative development with Oscor of brady and tachy leads that will accommodate upcoming market requirements for MRI.
“This acquisition is a tremendous opportunity for Sorin Group. Oscor-branded and OEM leads provide us with first-class products which will complement our existing lead portfolio and offer us new opportunities to better respond to our customers’ future needs for MRI compatible systems,” commented Stefano Di Lullo, Sorin Group, President of the CRM Business Unit. “In addition, the new manufacturing facility in the Dominican Republic will better position us to deliver high-quality leads to our customers at the best possible value.”
“Oscor has chosen to divest part of its Oscor branded lead product line to focus further on its catheters business and custom OEM lead development under Contract Manufacturing, that are currently experiencing strong growth,” stated Thomas Osypka President and CEO of Oscor. “We believe this acquisition validates the excellent quality of Oscor products as well as state-of-the-art manufacturing facilities derived from our long-time experience in the design, development and manufacturing of implantable cardiac leads.”
The transaction is subject to customary closing conditions.
About Oscor
Oscor Inc. (www.oscor.com), headquartered in Palm Harbor, Tampa (Florida, US), designs, develops, manufactures and markets a variety of highly specialized implantable cardiac pacing leads, venous access systems and diagnostic catheters. Oscor is also leveraging its proprietary lead technologies toward the development of new lead systems for a variety of cardiac and non-cardiac applications. Oscor sells its products in more than 35 countries outside the United States through a combination of direct sales efforts and unaffiliated distributors. Oscor also sells many of its lead and catheter products to leading medical device companies on an Original Equipment Manufacturer (OEM) basis. Oscor, with over 400 employees worldwide, has ISO certified and FDA registered manufacturing facilities in the US and Dominican Republic.
About Sorin Group
Sorin Group (Reuters Code: SORN.MI), is a global medical device company and a leader in the treatment of cardiovascular diseases. The Company develops, manufactures and markets medical technologies for cardiac surgery and for the treatment of cardiac rhythm disorders. With 3,750 employees worldwide, the Company focuses on two major therapeutic areas: Cardiac Surgery (cardiopulmonary products for open heart surgery and heart valve repair or replacement products) and Cardiac Rhythm Management (pacemakers, defibrillators, cardiac resynchronization devices). Every year, over one million patients are treated with Sorin Group devices in more than 80 countries.
For more information, please refer to www.sorin.com
Contacts
Gabriele Mazzoletti
Director, Corporate Communications
Sorin Group
Tel: +39 02 69969785
Mobile: +39 348 9792201
e-mail: gabriele.mazzoletti@sorin.com
or
Francesca Rambaudi
Director, Investor Relations
Sorin Group
Tel: +39 02 69969716
e-mail: investor.relations@sorin.com
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