Business & Finance
LivaNova reports initial closing of Heart Valve business for EUR60m
2 June 2021 -

Medical technology company LivaNova PLC (NASDAQ:LIVN) on Tuesday announced the initial closing of the divestiture of its heart valve (HV) business to Gyrus Capital, a healthcare investment firm, for an enterprise value of EUR60m.

In conjunction with the sale, CORCYM, a company owned by entities funded and controlled by Gyrus, will manage the HV business.

Under the initial closing, CORCYM acquired LivaNova manufacturing facilities in Saluggia and Vancouver as well as related assets in other geographies, representing most of the HV business.

The HV business reportedly consists of a comprehensive portfolio of products, featuring Perceval, a unique sutureless aortic valve and Memo 4D, a semi-rigid mitral annuloplasty ring. Approximately 850 employees will transition to CORCYM as part of the global HV business, which has major operations in Saluggia, Italy and Vancouver, Canada.

Additionally, LivaNova expected the HV business to generate net revenues of approximately USD70m during the period of 1 June through 31 December 2021 and estimates an adjusted earnings per share dilution of approximately USD0.09 related to the divestiture.