News | Heart Valve Technology | June 02, 2021

LivaNova Sells Heart Valve Business to Gyrus Capital

The LivaNova Percelval sutureless aortic valve and Solo Smart surgical aortic valve are part of heart valve portfolio the company sold off June 1 to Gyrus Capital and Corcym..

The LivaNova Percelval sutureless aortic valve and Solo Smart surgical aortic valve are part of heart valve portfolio the company sold off June 1.

June 2, 2021 – LivaNova announced June 1 it successfully completed the initial closing of the divestiture of its heart valve business to the investment firm Gyrus Capital for €60 million ($73 million). Corcym, an independent company recently launched and owned by entities funded and controlled by Gyrus, will manage the heart valve business.

“The completion of the heart valve sale to Gyrus Capital allows LivaNova to optimize its portfolio and sharpen its focus on cardiovascular and neuromodulation, our two areas of excellence,” said Damien McDonald, CEO of LivaNova. “We are now better positioned to accelerate growth in our core, dedicate resources toward executing promising pipeline opportunities, and enhance our operational excellence to best serve our patients and deliver maximum value to shareholders.”

The LivaNova heart valve business consists of a comprehensive portfolio of products, featuring Perceval, a unique sutureless aortic valve, and Memo 4D, a semi-rigid mitral annuloplasty ring. Together with mechanical valves, this portfolio fits the differing needs of cardiac surgeons and patients. Approximately 850 employees will transition to Corcym as part of the global heart valve business, which has major operations in Saluggia, Italy and Vancouver, Canada. 

In the initial closing, Corcym acquired LivaNova manufacturing facilities in Saluggia and Vancouver and related assets in other geographies, representing most of the heart valve business. During the course of 2021, the parties expect to complete the transfer of the commercial operations in various local jurisdictions.

LivaNova expected the heart valve business to generate net revenues of approximately $70 million during the period of June 1 through Dec. 31, 2021. After excluding these estimated net revenues for the heart valve business, LivaNova full-year 2021 worldwide sales growth on a constant-currency basis is expected to be 0% to 5%. In addition, the company estimates an adjusted earnings per share dilution of approximately $0.09 related to the divestiture, and now anticipates full-year 2021 adjusted earnings per share of $1.31 to $1.81. Adjusted free cash flow will exclude proceeds received from the divestiture. LivaNova will provide further details on the financial impact of the divestiture when it reports its second-quarter 2021 results.
 
For more information: www.livanova.com
 
 

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