The deal, which will bring together 2 global leaders in cardiac surgery and neuromodulation with a combined equity value of $2.7 billion, is expected to close by the end of the 3rd quarter.
The merger, which won approval from U.S. anti-trust regulators in April, is slated to see the creation of 3 business units and an “intercontinental” group, the companies said today. Sorin CEO André-Michel Ballester is due to assume that role in the new company, with Cyberonics CEO Dan Moore as chairman.
The companies are looking for a CFO, as Cyberonics finance chief Greg Browne plans to retire in 2016. If a new CFO isn’t found before closing the deal Browne will stay on as interim CFO, they said. Sorin CFO Demetrio Mauro was named chief integration officer, according to a press release.
Michel Darnaud and Stefano Di Lullo, respectively the presidents of Sorin’s cardiac surgery and cardiac rhythm management segments, will continue to lead those businesses, the companies said. Cyberonics COO Rohan Hoare was named to lead the neuromodulation unit and Sorin’s intercontinental vice president will lead that group, the according to a press release.
Sorin and Cyberonics also named functional business leaders:
- Strategy, business development & new ventures / emerging therapies: Sorin strategy & biz dev VP Ed Andrle;
- General counsel: Sorin GC Brian Sheridan
- Global market access: Sorin market access VP Pritpal Shinmar
- Human resources & IT: Cyberonics chief administrative officer David Wise.
“Together, Sorin and Cyberonics are creating a new premier medical technology company, with a diverse product portfolio, scale across geographies and a focused innovation platform to leverage new promising market opportunities,” Ballester said in prepared remarks. “The announcement of our executive leadership team marks an important milestone in the proposed merger of our companies. In the coming months the new executive leadership team will continue its intensive integration planning effort to craft our future organization, and I am confident that this is the right team to execute our core strategies and to create significant value for our shareholders.”