A Medical Device Daily
The Sorin Group (Milan, Italy) reported that it has received a binding offer for the acquisition of its vascular therapy business from Italian investment fund Investimenti e Partecipazioni (IP).
Closing of the transaction is subject to completion of regulatory procedures involving employee representatives of the vascular therapy business in Italy and France. Upon the conclusion of that process, and approval by Sorin's board of directors, the company will provide full financial information resulting from the transaction.
Upon completion of the transaction, IP would become the new owner of the entire Sorin coronary vascular therapy business worldwide, including its unique intellectual property portfolio.
"We believe this transaction will offer a significant opportunity for our vascular therapy business to further develop and to exploit its full potential for the benefit of our employees, the patients and the physicians who have demonstrated their continuous support to this innovative technology," said CEO André-Michel Ballester.
He added, "The completion of this transaction will allow Sorin Group to better focus on the global expansion of its three leading core cardiovascular franchises."
The Sorin Group is a developer of technologies for cardiac surgery, cardiac rhythm dysfunctions, interventional cardiology and the treatment of chronic kidney diseases.