Healthcare Industry News: kidney disease
News Release - June 11, 2008
Sorin Group Announces Divestiture of Its Peripheral Stent Business to DatascopeDeal is First Step in Strategy to Refocus Sorin Group on Its Core Business Portfolio
MILAN, Italy--(HSMN NewsFeed)--Sorin Group (Reuters code: SORN.MI)(MIL:SRN) announced today that it has closed the sale of its peripheral stent business – including for the United States and Japan - with Datascope Corp. (NASDAQ:DSCP ), that becomes the new owner of the entire Sorin peripheral vascular stent product business worldwide as well as exclusive owner of a significant portfolio of intellectual property within the Endovascular Field of Use. As previously announced, Sorin Group plans to divest its non-core assets in order to better focus on its strategic businesses, Cardiopulmonary, Heart Valves and CRM.
Sorin's innovative peripheral stent products are dedicated to the treatment of peripheral arterial disease ("PAD") and use the CarbofilmTM Technology, whose excellent biocompatible and hemocompatible characteristics are clinically well proven. Datascope has also received exclusive, worldwide rights within the Endovascular Field of Use to the CarbofilmTM Technology as part of the deal. The product line includes balloon-expandable and self-expanding stent systems principally for use in the treatment of the iliac arteries, renal arteries and infrapopliteal lesions, as well as balloon systems for use in PTA (Percutaneous Transluminal Angioplasty).
"We are delighted to have found a strategic partner for this business as capable as Datascope of continuing, and expanding, the technological leadership and awareness in the interventional field. Datascope’s sales and marketing acumen combined with Sorin’s technological and intellectual property platform is a winning combination for this business", said Andre-Michel Ballester, C.E.O. of Sorin Group.
"We believe that Sorin’s peripheral vascular stents will be an attractive addition to our product portfolio,” said Dr. Antonino Laudani, COO of Datascope. “We look forward to integrate these new technologies and accelerate product development leveraging our capabilities in marketing, sales, clinical education and training. Our long presence in the cardiovascular surgery call point, as well as our commitment to technology innovation, should enable us to increase and expand peripheral stent sales. The worldwide market for peripheral vascular stents and PTA balloons is estimated at $ 800 million annually and growing due to an increase of the aging population and higher incidence of diabetes, high blood pressure, obesity and hypercholesterolemia -- all leading causes of PAD.
About the Sorin Group
The Sorin Group (Bloomberg: SRN.IM; Reuters: SORN.MI), a world leader in the development of medical technologies for cardiac surgery, offers innovative therapies for cardiac rhythm dysfunctions, interventional cardiology and the treatment of chronic kidney diseases. The Sorin Group includes these brands: Dideco, CarboMedics, COBE Cardiovascular, Stöckert, Mitroflow, ELA Medical, Sorin Biomedica, Bellco and Bellco-Soludia. At the Sorin Group 4,500 employees work to serve over 5,000 public and private treatment centers in more than 80 countries throughout the world.
For more information, please visit: www.sorin.com
About InterVascular and Datascope Corp.
Datascope Corp. is the global leader of intra-aortic balloon counterpulsation and a diversified medical device company that develops, manufactures and markets proprietary products for clinical health care markets in interventional cardiology and radiology, cardiovascular and vascular surgery, and critical care. The Company's products are sold throughout the world through direct sales representatives and independent distributors. Founded in 1964, Datascope is headquartered in Montvale, New Jersey.
For news releases, webcasts and other Company information please visit Datascope's website, www.datascope.com.
Source: Sorin Group
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