Cyberonics and Sorin Group Close to Finalizing Merger

Stockholders of Cyberonics Inc. voted to adopt the merger agreement with Italian cardiovascular firm Sorin S.p.A. More than 98.8 percent of votes cast at a special meeting on Sept. 22 were in favor of the transaction, representing more than 84.2 percent of all outstanding shares of Cyberonics.

Sorin and Houston, Texas-based Cyberonics announced on February 26 this year that the boards of directors of both companies unanimously approved a combination of the companies under a newly formed holding company organized under the laws of England and Wales called LivaNova plc.  Sorin shareholders approved the deal on May 26.

LivaNova will have a presence in more than 100 countries on five continents, with approximately 4,500 employees, according to a release from Cyberonics. The merger is expected to close in the fourth calendar quarter of 2015—Oct. 19 is the target date—based on a recent approval by authorities in the United Kingdom.

LivaNova will operate as three business units: cardiac surgery, cardiac rhythm management and neuromodulation, with operating headquarters in Mirandola, Italy; Clamart, France; and Houston, Texas.  

Cyberonics’ core technology is neuromodulation. The company’s VNS Therapy system is U.S. Food and Drug Administration-approved for the treatment of medically refractory epilepsy and treatment-resistant depression.