Sorin Group has acquired Oscor’s CRM lead business, including a manufacturing facility in the Dominican Republic for an aggregate value of approximately $20m (€15.4m), to enhance the lead portfolio for magnetic resonance imaging (MRI) system development.
Under the terms of transaction, Sorin Group acquires Oscor-branded and OEM for Sorin bradycardia lead business, design files and development resources that will be the foundation for the development of MRI compatible tachycardia and left ventricular leads, and one of Oscor’s fully-equipped lead manufacturing facility based in the Dominican Republic.
The manufacturing facility based in the Dominican Republic is ISO certified and US Food and Drug Administration registered.
According to Sorin, 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.
This acquistion will allow Sorin to respond better to the rapidly changing market conditions, requiring high-quality value-driven MRI compatible standard systems.
Sorin anticipates that 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.
Oscor president and CEO Thomas Osypka noted the company 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.
"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," Osypka added.