Centerpulse has entered into a definitive agreement to sell its IntraTherapeutics Inc subsidiary to Microvena Corporation (also known as ev3 Inc.), a private Minneapolis, MN based medical device company for $95 million, subject to customary working capital adjustments. ev3 is a portfolio company of Warburg Pincus LLC, a leading global private equity investor with investments of more than $12 billion.
IntraTherapeutics develops, manufactures and markets medical devices for the diagnosis and treatment of peripheral vascular disease and relief of non-vascular obstructions and is based in St. Paul, Minnesota. The sale process for Centerpulse's remaining cardiovascular business is proceeding according to plan and is expected to be concluded by the end of this year.
The sale of IntraTherapeutics will close no later than November 30, 2002. IntraTherapeutics employs a staff of 95 and generated sales of CHF 16 million in the first half of 2002. ev3 Inc. develops and markets endovascular technologies for underserved markets in the fields of interventional cardiology, radiology and neuroradiology. Currently, ev3 is commercializing technology in the areas of myocardial preservation, stroke management and mitral valve repair.
Centerpulse announced plans to divest its Cardiac and Vascular Divisions in June of this year. The company is refining its strategic focus to emphasize the core sectors of orthopedics, spine and dental implants.
Centerpulse's subsidiary companies develop, produce, and distribute medical implants and biological materials for cardiovascular and orthopedic markets worldwide. The product array includes artificial joints, dental implants, spinal implants and instrumentation, trauma products, heart valves, synthetic blood vessels and stents for vascular and non-vascular obstructions.