Italian Cardiovascular device company Sorin Group has announced the purchase of the Oscor Inc. lead business, including a lead manufacturing facility in the Dominican Republic for an aggregate value of approximately $20 million (Eur15.4 million).
With its HQ in Tampa, Florida Oscor is one of the largest independent players in the development and manufacture of cardiac leads and catheters. The company employs over 400 people at its manufacturing facilities in the U.S. and the Dominican Republic. If you’ve never heard of the company, that could be because Oscor sells its products both to end-customers and to medical device companies, including Sorin, on an Original Equipment Manufacturer (OEM) basis.
Under this agreement, Sorin Group acquires Oscor-branded and OEM for Sorin bradycardia lead business, 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 finally one of Oscor’s fully-equipped lead manufacturing facility, ISO certified and FDA registered, based in the Dominican Republic.
Sorin says it 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.”
Source: Sorin Group, PR Newswire