Italian cardiovascular device company Sorin Group has announced its acquisition of California Medical Laboratories, Inc. (“CalMed”), a manufacturer of high quality cardiovascular cannulae, for $14 million.
Sorin is a household name in cardiovascular devices, with its extensive product range for cardiac surgery and for the treatment of cardiac rhythm disorders.
CalMed develops, manufactures and distributes a complete range of cannulae, catheters and accessories for cardiac surgery. Available in more than 45 countries worldwide, CalMed products are approved by FDA and are CE marked for commercialisation in the European Union. In 2011 Fiscal Year (ended September 30th, 2011) CalMed reported revenues of almost $8 million.
Sorin clearly believes this acquisition represents an ideal complement to its existing cannulae offering and to the recent acquisition of the Estech minimally invasive cannulae product line.
“This deal confirms Sorin Group’s commitment to further strengthen our presence in the cannulae segment and consolidate our relationship with cardiac surgeons and clinical perfusionists worldwide,” said Michel Darnaud, President, Cardiopulmonary Business Unit and Intercontinental, Sorin Group.
“We believe that building on CalMed’s rich product offering and pipeline and leveraging on Sorin’s global sales network will drive to a significant adoption of these products by cardiac surgeons worldwide,” said Mehmet Bicakci, President and CEO of CalMed.
Source: Sorin Group, Business Wire