The Italian medical device company said the deal includes a manufacturing plant in the Dominican Republic, all of the Oscor-branded and OEM leads Tampa, Fla.-based Oscor already makes for Sorin’s bradycardia leads and the design files and "development resources" for the MRI-safe lead project.
"This acquisition is a tremendous opportunity for Sorin Group. Oscor-branded and OEM leads provide us with first-class products which will complement our existing lead portfolio and offer us new opportunities to better respond to our customers’ future needs for MRI compatible systems," cardiac rhythm management president Stefano Di Lullo said in prepared remarks. "In addition, the new manufacturing facility in the Dominican Republic will better position us to deliver high-quality leads to our customers at the best possible value."
Sorin won CE Mark approval in the European Union for its Kora 100 DR and SR pacemakers late last year. Both devices feature an automatic MRI mode when implanted with the Sorin Beflex pacing lead.
It’s the latest acquisition of a supply partner for Sorin, following the buyout of Bioengineering Laboratories’ cardiac cannula business last month.
Sorin said last month that its 4th-quarter and 2013 profits soared on its successful recovery from a pair of earthquakes in May 2012. The company posted adjusted profits of roughly $27.4 million (€20.1 million) on sales of $261.1 million (€191.8 million) for the 3 months ended Dec. 31, 2013, for adjusted bottom-line growth of 77.9% compared with Q4 2013.