Thursday, February 26, 2015

Cyberonics Merges With Italian Medical Device Maker In $2.7 Billion Deal

Houston-based Cyberonics, a developer of medical devices used to treat seizures, said this mornign that it has agreed to merge with Italian medical device maker Sorin Group. The deal is worth $2.7 billion, in an all-stock deal. Sorin S.p.A. develops medical devices for the treatment of cardiovascular disease. Dan Moore, the CEO of Cyberonics, becomes Chairman of the company. Cyberonics develops neuromodulation products, which are used to control seizures without medication. The companies said the merged entity will have pro-forma revenues of approximately $1.3 billion.