• Login
    • Join
  • FOLLOW:
  • Subscribe Free
    • Magazine
    • eNewsletter
    Checkout
    • Magazine
    • News
    • Opinions
    • Top 30
    • Research
    • Supply Chain
    • Device Sectors
    • Directory
    • Events
    • Resources
    • Microsites
    • More
  • Magazine
  • News
  • Opinions
  • Top 30
  • Research
  • Supply Chain
  • Device Sectors
  • Directory
  • Events
  • Resources
  • Microsites
  • Current / Back Issues
    Features
    Editorial
    Digital Edition
    eNewsletter Archive
    Our Team
    Editorial Guidelines
    Reprints
    Subscribe Now
    Advertise Now
    Top Features
    Pharmaceutical Focus: A Look at Combination Products

    The Printed World: Additive Manufacturing in Medtech

    The Lost Year: 2020 Year in Review

    Extrusion Evolution

    Little Big Parts: Micromolding Under the Microscope
    OEM News
    Supplier News
    Service / Press Releases
    Online Exclusives
    Press Releases
    People in the News
    Product & Service Releases
    Supplier News
    Medtech Makers
    Technical Features
    International News
    Videos
    Product & Service Releases
    Live From Shows
    Top News
    Spectrum Solutions Collaborates with UCLA School of Dentistry

    Kwivik Therapeutics, EirMed Partner to Accelerate Product Commercialization

    Europe Marks its First Successful Remote Robotic-Assisted Coronary Angioplasty

    Twist on Heart Valve Design Boosts Blood Flow, Prevents Clots

    FDA Clears 3D Acellular Dermal Matrix
    From the Editor
    Blogs
    Guest Opinions
    Top Opinions
    Pharmaceutical Focus: A Look at Combination Products

    The Printed World: Additive Manufacturing in Medtech

    The Lost Year: 2020 Year in Review

    Extrusion Evolution

    Little Big Parts: Micromolding Under the Microscope
    Top 30 Medical Device Companies
    Market Data
    White Papers
    Top Research
    Fixing Face Mask Form and Function

    The Heart of the Matter: Trends in Cardiology

    Virtually the Same? The Challenges of Online Conferences

    Digital Health Delivers During a Year for the Ages

    Advanced Technology for Staking and Swaging Medical Plastics
    3D/Additive Manufacturing
    Contract Manufacturing
    Electronics
    Machining & Laser Processing
    Materials
    Molding
    Packaging & Sterilization
    R&D & Design
    Software & IT
    Testing
    Tubing & Extrusion
    Cardiovascular
    Diagnostics
    Digital Health
    Neurological
    Patient Monitoring
    Surgical
    Orthopedics
    All Companies
    Categories
    Company Capabilities
    Add New Company
    Outsourcing Directory
    Element

    Unicep

    PTI Engineered Plastics Inc.

    Spectrum Plastics Group

    maxon
    MPO Summit
    Industry Events
    Webinars
    Live From Show Event
    Industry Associations
    Videos
    Career Central
    eBook
    Slideshows
    Top Resources
    Meeting Critical Ventilator Product Requirements Amid Pandemic

    Impact of COVID-19 on the Medtech Supply Chain

    Finding the Upside to a Challenging Year

    Preparing Your Design Controls for FDA Approval

    A 'Trial and Error' Approach to Micromolded Parts
    Companies
    News Releases
    Product Releases
    Press Releases
    Product Spec Sheets
    Service Releases
    Case Studies
    White Papers
    Brochures
    Videos
    Outsourcing Directory
    K-Tube Technologies

    Unicep

    FUTEK Advanced Sensor Technology Inc.

    MW Life Sciences

    Element
    • Magazine
      • Current/Back Issues
      • Features
      • Editorial
      • Columns
      • Digital Editions
      • Subscribe Now
      • Advertise Now
    • News
    • Directory
      • All Companies
      • ALL CATEGORIES
      • Industry Associations
      • Company Capabilities
      • Add Your Company
    • Supply Chain
      • 3D/Additive Manufacturing
      • Contract Manufacturing
      • Electronics
      • Machining & Laser Processing
      • Materials
      • Molding
      • Packaging & Sterilization
      • R&D & Design
      • Software & IT
      • Testing
      • Tubing & Extrusion
    • Device Sectors
      • Cardiovascular
      • Diagnostics
      • Digital Health
      • Neurological
      • Patient Monitoring
      • Surgical
      • Orthopedics
    • Top 30 Company Report
    • Expert Insights
    • Slideshows
    • Videos
    • Podcasts
    • Resources
    • eBook
    • Infographics
    • Whitepapers
    • Research
      • White Papers
      • Case Studies
      • Product Spec Sheets
      • Market Data
    • MPO Summit
    • Events
      • Industry Events
      • Live From Show Events
      • Webinars
    • Microsite
      • Companies
      • Product Releases
      • Product Spec Sheets
      • Services
      • White Papers / Tech Papers
      • Press Releases
      • Videos
      • Literature / Brochures
      • Case Studies
    • About Us
      • About Us
      • Contact Us
      • Advertise with Us
      • eNewsletter Archive
      • Privacy Policy
      • Terms of Use
    Breaking News

    LivaNova to Sell Heart Valve Biz to Gyrus Capital for $73M

    Enables company to sharpen its focus within primary platforms, neuromodulation and cardiovascular.

    Related CONTENT
    • Alleviant's Transcatheter Tech Obtains Breakthrough Status
    • CES News: Philips Highlights Healthcare at Home
    • Siemens Healthineers’ Laboratory-Based IL-6 Assay Receives EUA
    • Acutus Medical Launches AcQCross Transseptal System in Europe
    • Acutus Medical Launches AcQBlate Force Sensing Ablation System in Europe
    Business Wire12.03.20
    LivaNova PLC, and Gyrus Capital (Gyrus), an investment firm dedicated to investments in the healthcare and sustainability sectors, entered into an agreement whereby entities funded and controlled by Gyrus will acquire the LivaNova heart valve (HV) business. The LivaNova Board of Directors unanimously approved the divestiture, which it believes will enable the Company to sharpen its focus within its primary platforms, neuromodulation and cardiovascular, and to dedicate increased resources toward executing its promising pipeline opportunities. Once the transaction is complete, Gyrus intends to focus management attention and investment on the HV business to position it to become a leading player in the surgical heart valve market globally, translating into even greater opportunities for employees, customers, and patients.
     
    “The LivaNova HV business is a global player in surgical heart valves with world-class products and compelling growth opportunities,” said Guy Semmens, Managing Partner at Gyrus Capital. “This business fits squarely within our strategy to invest in transformational projects in the healthcare and sustainability sectors. We believe that, with a focus on the core products, this new independent company can maximize its potential through our investment in its products and people.”
     
    “We believe that LivaNova and Gyrus will benefit from this transaction and, that under Gyrus ownership, the HV business will thrive and grow,” said Damien McDonald, CEO of LivaNova. “For LivaNova, the divestiture of our HV business is an important milestone in the execution of our strategy to optimize our portfolio so that we are best positioned to serve our patients and deliver value to our shareholders. In particular, we intend to focus more directly on our key growth drivers and continuously improve our operational excellence.”
     
    “We are committed to making this the leading company dedicated to heart surgeons and their patients by providing the best solutions to fight structural heart disease,” said Christian Mazzi, future CEO of the HV company. “We plan to leverage the strong foundation in mechanical valves and build out the growth engine with the Perceval® aortic valve and Memo 4D® mitral repair ring, while investing in research and development to pursue new products and partnerships. With this focus, we intend to build our independent company, fully dedicated to HV, its people, its customers and products. Our mission and ambition is to grow based on clearly defined priorities, commercial excellence and innovation, backed by Gyrus, a strong sector-focused partner that is ready to invest in our future. We look forward to a seamless transition and to engaging with the LivaNova heart valve employees around the world as they become part of our independent company.”
     
    Transaction Terms, Closing, and Financial Updates
    The LivaNova HV business is a comprehensive portfolio of products, including Perceval, a unique sutureless aortic valve, along with tissue and mechanical valves to fit the differing needs of cardiac surgeons and patients worldwide. The HV business employs approximately 900 employees worldwide with major operations in Saluggia, Italy and Vancouver, Canada.

    The divestiture of the HV business (with the exception of the French HV business for which LivaNova has been granted a binding offer by an affiliate of Gyrus and a decision remains to be made) is for an enterprise value of €60 million (US$73 million) and expected to be complete in the first half of 2021, subject to customary purchase price adjustments, €10 million of which will be paid at the end of 2022. On a full-year basis, we expect the sale of the HV business to be dilutive to earnings per share in 2021 on a fully diluted basis by approximately 10-15 cents, and we expect the divestiture to trigger a net non-cash impairment charge in the fourth quarter of 2020, which we currently estimate to be in the range of US$200 million and US$225 million. The transaction is subject to receipt of applicable regulatory approvals and other customary closing conditions, including mandatory consultation with local unions and works councils, where applicable. Upon closing of the transaction, Gyrus will acquire the plants in both Saluggia, Italy and Vancouver, Canada. Gyrus will also acquire the HV assets and inherit or make offers to HV employees in other countries (with respect to France, to the extent that the binding offer submitted by Gyrus would be accepted by LivaNova). The agreement includes customary warranties and limitations on liability, including that the Company has agreed for a period of seven years following closing to provide reimbursement for certain expenses and those that may arise out of hazardous substances relating to former operations at the Saluggia, Italy campus in an amount up to €37.5 million. The HV business will be led by Christian Mazzi and supported by the existing LivaNova HV team. LivaNova has filed a Current Report on Form 8-K with the Securities and Exchange Commission that provides additional information on the agreement and the impact on the divestiture.
     
    Until the closing, LivaNova will operate HV in the normal course of business, with the HV business and Gyrus remaining separate entities.
    Related Searches
    • Cardiovascular
    Related Knowledge Center
    • Cardiovascular
    Suggested For You
    Alleviant Alleviant's Transcatheter Tech Obtains Breakthrough Status
    CES News: Philips Highlights Healthcare at Home CES News: Philips Highlights Healthcare at Home
    Siemens Healthineers’ Laboratory-Based IL-6 Assay Receives EUA Siemens Healthineers’ Laboratory-Based IL-6 Assay Receives EUA
    Acutus Medical Launches AcQCross Transseptal System in Europe Acutus Medical Launches AcQCross Transseptal System in Europe
    Acutus Medical Launches AcQBlate Force Sensing Ablation System in Europe Acutus Medical Launches AcQBlate Force Sensing Ablation System in Europe
    Medtech Veteran Joins VivaLNK Board Medtech Veteran Joins VivaLNK Board
    Genetesis Genetesis' CardioFlux Imaging Tech Gains Breakthrough Status
    Medtronic’s Mike Coyle to Lead iRhythm Medtronic’s Mike Coyle to Lead iRhythm
    Swiss Automation Inc. Swiss Automation Inc.
    Medtronic Launches Pediatric/Neonatal Acute Dialysis Machine Medtronic Launches Pediatric/Neonatal Acute Dialysis Machine
    A A 'Trial and Error' Approach to Micromolded Parts
    Nissha Medical Technologies Nissha Medical Technologies
    Heraeus Medical Components Heraeus Medical Components
    Smaller Cavity Features Not Always Sensible for Micromolded Products Smaller Cavity Features Not Always Sensible for Micromolded Products
    Draper Develops Noncontact ECG Sensor Draper Develops Noncontact ECG Sensor

    Related Breaking News

    • Cardiovascular | Surgical
      Twist on Heart Valve Design Boosts Blood Flow, Prevents Clots

      Twist on Heart Valve Design Boosts Blood Flow, Prevents Clots

      UBC Okanagan research could transform the current gold standard for heart valves.
      Sam Brusco, Associate Editor 01.27.21

    • Cardiovascular
      Alleviant

      Alleviant's Transcatheter Tech Obtains Breakthrough Status

      The technology offers a no-implant interatrial shunt therapy for heart failure patients.
      Sam Brusco, Associate Editor 01.25.21

    • Cardiovascular
      First Heart Failure Patient Treated With Impulse Dynamics

      First Heart Failure Patient Treated With Impulse Dynamics' CCM Therapy in Brazil

      The Optimizer delivers cardiac contractility modulation therapy, the company’s proprietary technology, to the heart.
      Business Wire 01.21.21


    • Cardiovascular
      Boston Scientific to Acquire Preventice for Up to $925M

      Boston Scientific to Acquire Preventice for Up to $925M

      Acquisition of external cardiac monitoring technologies, services provider to expand rhythm management diagnostics portfolio.
      PR Newswire 01.21.21

    • Cardiovascular | Surgical
      Haemonetics to Acquire Cardiva for Up to $510M

      Haemonetics to Acquire Cardiva for Up to $510M

      Enhances penetration into the large and growing interventional cardiology and electrophysiology markets.
      PR Newswire 01.20.21

    • Cardiovascular | Surgical
      Abbott Wins Expanded Medicare Coverage for MitraClip

      Abbott Wins Expanded Medicare Coverage for MitraClip

      Includes patients with secondary (or functional) mitral regurgitation resulting from heart failure.
      Abbott Laboratories 01.20.21


    • Cardiovascular | Patient Monitoring
      Hillrom to Buy Bardy Diagnostics for $375M

      Hillrom to Buy Bardy Diagnostics for $375M

      Advances digital health offering with expansion into attractive ambulatory cardiac monitoring segment.
      PR Newswire 01.19.21

    • Cardiovascular
      Occlutech

      Occlutech's Atrial Flow Regulator Earns Breakthrough Status for HF

      First-in-class, implantable Atrial Flow Regulator (AFR) for heart failure (HF) patients.
      PR Newswire 01.19.21

    • Cardiovascular | Diagnostics
      FDA OKs MRI for Impulse Dynamics

      FDA OKs MRI for Impulse Dynamics' Optimizer CCM Delivery Systems

      FDA clears potential hurdle for many heart failure patients.
      Business Wire 01.19.21


    • Cardiovascular
      FineHeart Successfully Tests Wireless TET System

      FineHeart Successfully Tests Wireless TET System

      A breakthrough in treating patients with severe heart failure.
      FineHeart 01.18.21

    • Cardiovascular
      U.S. TAVR Market Projected to Reach Nearly $5 Billion by 2030

      U.S. TAVR Market Projected to Reach Nearly $5 Billion by 2030

      The use of TAVR over open surgical techniques for replacing an aortic valve has exploded globally in recent years.
      GlobalData 01.15.21

    • Cardiovascular
      WhiteSwell Issued Patent for Treatment of Acute Decompensated Heart Failure

      WhiteSwell Issued Patent for Treatment of Acute Decompensated Heart Failure

      Company adds to portfolio of 40 patents for catheter-based technology that leverages the power of the body’s natural fluid removal process.
      Business Wire 01.13.21


    • Cardiovascular
      Acutus Medical Launches AcQCross Transseptal System in Europe

      Acutus Medical Launches AcQCross Transseptal System in Europe

      The product is designed to improve safety and efficiency in any procedure requiring left heart access.
      Globe Newswire 01.08.21

    • Cardiovascular | Neurological | Surgical
      FDA OKs Rapid Medical

      FDA OKs Rapid Medical's Steerable Neurovascular Guidewire

      Provides efficient access in difficult neuro and peripheral vascular procedures.
      Business Wire 01.04.21

    • Cardiovascular
      Edwards Treats First Patient in Restore Clinical Trial

      Edwards Treats First Patient in Restore Clinical Trial

      Evaluates minimally invasive device for mitral valve disease.
      Edwards Lifesciences Corp. 12.21.20


    Trending
    • Portable, Home-Use Device Quickly Measures Inflammation Levels
    • Henry Schein Buys Majority Interest In Prism Medical Products
    • Senseonics Forges Strategic Collaboration With Ascensia Diabetes Care
    • Top 10 Trends In The Medical Device And Equipment Industry
    • Cytotron Gains Breakthrough Status To Treat Breast, Liver, And Pancreatic Cancers
    Breaking News
    • Spectrum Solutions Collaborates with UCLA School of Dentistry
    • Kwivik Therapeutics, EirMed Partner to Accelerate Product Commercialization
    • Europe Marks its First Successful Remote Robotic-Assisted Coronary Angioplasty
    • Twist on Heart Valve Design Boosts Blood Flow, Prevents Clots
    • FDA Clears 3D Acellular Dermal Matrix
    View Breaking News >
    CURRENT ISSUE

    November/December 2020

    • Pharmaceutical Focus: A Look at Combination Products
    • The Printed World: Additive Manufacturing in Medtech
    • The Lost Year: 2020 Year in Review
    • View More >

    Cookies help us to provide you with an excellent service. By using our website, you declare yourself in agreement with our use of cookies.
    You can obtain detailed information about the use of cookies on our website by clicking on "More information”.

    • About Us
    • Privacy Policy
    • Terms And Conditions
    • Contact Us

    follow us

    Subscribe
    Nutraceuticals World

    Latest Breaking News From Nutraceuticals World

    PepsiCo and Beyond Meat Partner to Develop Plant-Based Protein
    New Study on Sage Extract Formula Suggests Memory Enhancement
    Omega-3s Evidenced to Reduce Low-Grade Inflammation in Elderly Men
    Coatings World

    Latest Breaking News From Coatings World

    Mayzo Makes 2 Appointments
    Mississippi Lime Company Announces New Director of Safety
    IFS Coatings Launches IFS Puroplaz PE20 Texture
    Medical Product Outsourcing

    Latest Breaking News From Medical Product Outsourcing

    Spectrum Solutions Collaborates with UCLA School of Dentistry
    Kwivik Therapeutics, EirMed Partner to Accelerate Product Commercialization
    Europe Marks its First Successful Remote Robotic-Assisted Coronary Angioplasty
    Contract Pharma

    Latest Breaking News From Contract Pharma

    Lilly, Vir, GSK Partner to Evaluate COVID Combo Therapies
    Novartis Invests in Credence MedSystems
    Ajinomoto Bio-Pharma, Humanigen Expand Manufacturing Agreement
    Beauty Packaging

    Latest Breaking News From Beauty Packaging

    Coty to Shut Down Manufacturing Site in Cologne, Germany
    L’Occitane Files for Bankruptcy in U.S.
    Bésame Cosmetics Collaborates with Disney on Mary Poppins Collection
    Happi

    Latest Breaking News From Happi

    CLT Introduces Private Label Solid Air Freshener Cones
    The Florida Sunscreen Symposium Is Back!
    TFF Opens Nominations for 2021 Awards
    Ink World

    Latest Breaking News From Ink World

    Epson Partner Creates Label Applicators for Pharmaceutical Products
    Smurfit Kappa Sets New Sustainability Targets with Better Planet 2050
    Georgia-Pacific Acquires 3rd HP PageWide Corrugated Press to Expand Hummingbird Digital Printing
    Label & Narrow Web

    Latest Breaking News From Label & Narrow Web

    Arjobex acquires MDV Group
    Fix-A-Form eyes global expansion
    McCracken Label installs Fujifilm water-wash plate system
    Nonwovens Industry

    Latest Breaking News From Nonwovens Industry

    Nice-Pak Receives EPA Approval for Disinfecting Wipes
    Rockline to Invest $18 Million in Arkansas
    Essity’s Sales Negatively Impacted by Covid-19 Pandemic
    Orthopedic Design & Technology

    Latest Breaking News From Orthopedic Design & Technology

    ChoiceSpine's Tiger Shark Cervical Spacer Earns Additional 510(k)
    FDA Green Lights Inspired Spine's Trident SI Joint Screw System
    FDA Clears Method to Extract Bone Measurements From X-Rays
    Printed Electronics Now

    Latest Breaking News From Printed Electronics Now

    Osram Sees Jump in Profits in Preliminary 2020 Report
    LG Display Reports 4Q 2020 Results
    Xerox Releases 4Q, Full Year Results

    Copyright © 2021 Rodman Media. All rights reserved. Use of this constitutes acceptance of our privacy policy The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Rodman Media.

    AD BLOCKER DETECTED

    Our website is made possible by displaying online advertisements to our visitors.
    Please consider supporting us by disabling your ad blocker.


    FREE SUBSCRIPTION Already a subscriber? Login