Sorin S.p.A. and Cyberonics, Inc. recently announced that the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for their pending merger has ended. In February, the two companies announced an agreement to merge in an all-stock transaction to result in a combined equity value of $2.7 billion. The transaction was unanimously approved by both companies’ boards of directors, and the merger agreement was signed in March. The deal has now cleared its next hurdle with US antitrust approval. The transaction is still subject to approval by the shareholders of both companies, regulatory clearances, and other closing conditions, and is expected to be completed by the third quarter of this year.
According to its website, Sorin develops, manufactures, and markets medical technologies in the areas of cardiac surgery and cardiac rhythm management. According to its website, Cyberonics has expertise in neuromodulation and developed the Vague Nerve Stimulation Therapy system for the treatment of refractory epilepsy and treatment-resistant depression. The combined company is expected to launch heart failure, sleep apnea, and percutaneous mitral valve replacement/repair products.
Under the terms of the proposed merger, the companies will combine under a new company that will be domiciled in the UK and will operate as three business units – Cardiac Surgery, with operating headquarters in Mirandola, Italy, Cardiac Rhythm Management, with operating headquarters in Clamart, France, and Neuromodulation, with operating headquarters in Houston, Texas.