Business
LivaNova Completes Initial Closing of Heart Valve Business to Gyrus Capital
Additional local business closings to occur later this year LONDON--(BUSINESS WIRE)-- LivaNova PLC (NASDAQ:LIVN), a market-leading medical technology and
About this update from Livanova Plc
[{"type":"text","content":"\nAdditional local business closings to occur later this year\n\n LONDON--(BUSINESS WIRE)--\nLivaNova PLC (NASDAQ:LIVN), a market-leading medical technology and innovation company, today announced it has successfully completed the initial closing of the divestiture of its heart valve (HV) business to Gyrus Capital (Gyrus), an investment firm dedicated to investments in the healthcare and sustainability sectors, for an enterprise value of €60 million (US $73 million). CORCYM, an independent company recently launched and owned by entities funded and controlled by Gyrus, will manage the HV business.\n\n“The completion of the HV sale to Gyrus Capital allows LivaNova to optimize its portfolio and sharpen its focus on cardiovascular and neuromodulation, our two areas of excellence,” said Damien McDonald, Chief Executive Officer of LivaNova. “We are now better positioned to accelerate growth in our core, dedicate resources toward executing promising pipeline opportunities, and enhance our operational excellence to best serve our patients and deliver maximum value to shareholders.”\n\nThe HV business consists of a comprehensive portfolio of products, featuring Perceval®, a unique sutureless aortic valve, and Memo 4D®, a semi-rigid mitral annuloplasty ring. Together with mechanical valves, this portfolio fits the differing needs of cardiac surgeons and patients worldwide. Approximately 850 employees will transition to CORCYM as part of the global HV business, which has major operations in Saluggia, Italy and Vancouver, Canada. As of today, LivaNova and CORCYM completed the initial closing relating to CORCYM’s acquisition of the LivaNova HV business. In the initial closing, CORCYM acquired LivaNova manufacturing facilities in Saluggia and Vancouver and related assets in other geographies, representing most of the HV business. During the course of 2021, the parties expect to complete the transfer of the commercial operations in various local jurisdictions.\n\nLivaNova expected the HV business to generate net revenues of approximately $70 million during the period of June 1 through December 31, 2021. After excluding these estimated net revenues for the HV business, LivaNova full-year 2021 worldwide sales growth on a constant-currency basis is expected to be 0% to 5%. In addition, the Company estimates an adjusted earnings per share dilution...