Sorin Acquires Oscor’s CRM Lead Business for MRI Compatible Standard Systems
March 24, 2014 — Sorin Group has purchased Oscor Inc. lead business, including a lead manufacturing facility in the Dominican Republic for a value of approximately $20 million.
Oscor, headquartered in Tampa Fla., is one of the largest independent players in the development and manufacture of cardiac leads and catheters. With more than 400 employees and manufacturing facilities in the United States 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: 1) Oscor-branded and OEM for Sorin bradycardia lead business; 2) 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 3) one of Oscor’s fully equipped lead manufacturing facilitues, ISO certified and FDA registered, based in the Dominican Republic.
Sorin Group expects 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.
For more information: www.sorin.com