LivaNova (NSDQ:LIVN) announced today that it successfully completed the initial closing of the sale of its heart valve business to Gyrus Capital.
In December, LivaNova announced its board’s unanimous approval of the divestiture of the heart valve business in an effort to enable the company to “sharpen its focus” within its primary platforms, such as neuromodulation and cardiovascular.
According to a news release, the divestiture of the heart valve business includes an enterprise value of $73 million, with Corcym —an independent company recently launched and owned by entities funded and controlled by Gyrus — set to manage the business.
The company said approximately 850 employees will transition to Corcym, which has major operations in Saluggia, Italy, and Vancouver, Canada. The initial closing includes Corcym acquiring LivaNova’s manufacturing facilities in Saluggia and Italy, along with related assets in other geographies. Over the course of…