09.24.15
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.
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.