Sorin Group has announced in a company release the purchase of Oscor Inc lead business, including a lead manufacturing facility in the Dominican Republic for an aggregate value of approximately US$20 million (€15.4 million).
Oscor, headquartered in Tampa, USA, is a developer and manufacturer of cardiac leads and catheters. With over 400 employees and manufacturing facilities in the USA 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 Original Equipment Manufacturer 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 US Food and Drug Administration 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.
The transaction is subject to customary closing conditions.