LivaNova will deliver innovative solutions in cardiac surgery, neuromodulation and cardiac rhythm management to extend and enhance people’s lives
MILAN and HOUSTON, June 25, 2015 /PRNewswire/ — Sorin S.p.A., (MTA; Reuters Code: SORN.MI “Sorin”), a global medical device company and a leader in the treatment of cardiovascular diseases, and Cyberonics, Inc. (NASDAQ: CYBX, “Cyberonics”), a medical device company with core expertise in neuromodulation, today unveiled LivaNova as the name of their combined company, effective at the close of their proposed merger.
The name was chosen through a comprehensive market research process, including participation by employees of both companies worldwide, which produced several thousand proposed names. LivaNova embodies the spirit that will infuse the new company and evokes the essence of what makes the combination unique.
“LivaNova combines a derivation of the English word life with the Latin word for new, embodying our core mission of extending and enhancing life for patients,” said Andre-Michel Ballester, Sorin’s Chief Executive Officer and designated Chief Executive Officer of LivaNova. “Building on Sorin’s and Cyberonics’ strong legacies of medical innovation, our new name demonstrates our commitment to develop and deliver breakthrough therapeutic solutions for the benefit of patients and healthcare professionals.”
“The announcement of the LivaNova brand name marks another important step in combining our efforts as part of a global, unified company,” said Dan Moore, Cyberonics’ Chief Executive Officer and designated Chairman of LivaNova. “LivaNova will be at the forefront of technological innovation in more than 100 countries, so it is important that the combined company’s name effectively communicates our vision to extend and enhance people’s lives with cutting-edge medical technology.”
LivaNova will operate as three business units: Cardiac Surgery, Cardiac Rhythm Management and Neuromodulation, with operating headquarters in Mirandola (Italy), Clamart (France) and Houston (U.S.) respectively. The company will have a presence in over 100 countries around the world with approximately 4,500 employees.
Until the closing of the transaction, both companies will continue to operate separately under their current brand names and leadership structures. As previously announced, the transaction is expected to be completed by the end of the third calendar quarter of 2015 and is subject to approval by Cyberonics’ stockholders, the receipt of required regulatory clearances, and other customary closing conditions. The cross-border merger of Sorin with and into Livanova plc (formerly called Sand Holdco PLC) (“HoldCo”), the new company that was formed to acquire both Cyberonics and Sorin as part of the proposed merger, was approved by Sorin’s shareholders at its extraordinary shareholders’ meeting held on May 26, 2015.