Sorin devotes $8M to Cardiosolutions
For the second time in two weeks, Italy's Sorin Group has made a targeted effort to diversify its cardiac medical device offerings. Once again, its eyes are on a small U.S. company.
Reuters reports that the global maker of cardiopulmonary bypass, cardiac rhythm management and valve repair devices is committing $8 million to Cardiosolutions. Not familiar with the name? Cardiosolutions is a 6-year-old company based in West Bridgewater, MA, focused, according to its website, on developing less invasive devices and surgical tools for various heart conditions. The story explains that the cash infusion triggers product development and a test of Cardiosolutions' overall technology. Sorin also gains the right to buy the company outright later on.
Sorin CEO André-Michel Ballester was quoted in Reuters as saying the investment reinforces the company's focus on developing new products focused on heart valve therapies and heart failure. Cardiosolutions, in turn, gains a cash infusion that will help its technology reach a global audience. According to Reuters, Sorin has a market capitalization of about $997 million.
Clearly though, there appears to be a U.S. twist to Sorin's cardiac diversification strategy. A week ago, Sorin announced that it was committing $14 million to acquire California Medical Laboratories, a maker of cannulae and catheters for cardiac surgeries. Similarly, the company said that deal will also help beef up its cardiac business, but specific to the cannulae segment, as well as its interactions with cardiac surgeons and clinical perfusionists.
Sorin Group buys CalMed, heart surgery tech for $14M