Sorin will get only the cardiac cannula business, leaving to BEL its urology, urodynamics and hemodialysis cannulae divisions, according to a press release. BEL had been producing the cardiac cannulae exclusively for Sorin.
The devices are "an integral part of Sorin Group cannulae offering and generated revenues of around €4 million in 2013," or about $5.4million, according to a company statement.
The move is Sorin’s latest attempt to solidify its global cannula footprint, following the 2011 acquisition of Estech’s minimally invasive cannulae and the 2012 $14 million acquisition of CalMed’s devices.
The news did little for Sorin’s Wall Street activity, with SRN shares down 1.3% to close at $2.14 at the end of the day yesterday.