Sorin Group acquires CalMed for $14M
Tuesday, July 3, 2012
Sorin Group, a global medical device company with a focus on cardiovascular diseases, has acquired California Medical Laboratories (CalMed), a manufacturer of high quality cardiovascular cannulae, for $14 million.
The acquisition represents an ideal complement to Sorin existing cannulae offering and to the recent acquisition of the Estech minimally invasive cannulae product line.
“We believe that building on CalMed’s rich product offering and pipeline and leveraging on Sorin’s global sales network will drive to a significant adoption of these products by cardiac surgeons worldwide,” said Mehmet Bicakci, President and CEO of CalMed.
CalMed develops, manufactures and distributes a complete range of cannulae, catheters and accessories for cardiac surgery. Available in more than 45 countries worldwide, CalMed products are approved by the FDA and are CE marked for commercialization in the E.U. In the 2011 FY, CalMed reported revenues of almost $8 million.
“This deal confirms Sorin Group’s commitment to further strengthen our presence in the cannulae segment and consolidate our relationship with cardiac surgeons and clinical perfusionists worldwide,” said Michel Darnaud, president of cardiopulmonary business unit and intercontinental, Sorin Group.
Sorin will continue to develop new products and make selective, strategic acquisitions to enhance its worldwide leadership position in the cardiopulmonary business.