|[March 14, 2014]
Sorin Group Acquires Oscor's CRM Lead Business to Enhance Lead Portfolio for MRI System Development
MILAN --(Business Wire)--
Sorin Group (News - Alert) (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
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.
Osor-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.
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 (News - Alert) 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
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