echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Medical News > Medicines Company News > Cardano signed a definitive agreement to sell its Cordis business to Hellman&Friedman

    Cardano signed a definitive agreement to sell its Cordis business to Hellman&Friedman

    • Last Update: 2021-07-17
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com


    Cardano announced that it has signed a definitive agreement to sell the Cordis (Cordis, hereinafter referred to as Cordis) business to Hellman&Friedman (H&F) for approximately US$1 billion, including certain responsibilities assumed by the buyer and certain working capital retained by the seller Account

    .
    The transaction is expected to be completed in the first half of Cardano’s 2022 fiscal year, subject to customary closing conditions and regulatory approval

    .


    Cardano CEO Mike Kaufmann said: "Cordis has a long history of innovation in minimally invasive cardiovascular technology

    .
    We believe that as H&F owns this business, Cordis will gain a favorable position for growth, innovation and success

    .
    " In terms of providing customers with high-quality medical products, Cardano and H&F are equally enthusiastic; we are equally excited about the future of the Cordis business that belongs to H&F

    .
    "


    Kaufmann continued: "Our decision to spin off Cordis proves that we use a rigorous method to evaluate our investment portfolio, and strictly apply our resources to our strategic growth areas to ensure that we have the advantages in these areas

    .
    Looking forward to the future , We will continue to devote ourselves to medical distribution and global medical product business

    .
    "


    Hunter Philbrick, a partner of H&F, said: “Cordis, as one of the market’s leading manufacturers of cardiovascular medical devices, is known for its high-quality products, extremely high doctor satisfaction, and excellent patient diagnosis and treatment results.
    Cordis is very much in line with our great investment.
    Corporate philosophy

    .
    We are excited to invest in the excellent Cordis, Ajax and Zeus teams to drive industry leadership, treatment innovation and improve patient experience

    .
    "


    "We are very pleased that Ajax Health and Zeus Health have injected growth momentum into Cordis's powerful platform; moreover, we will invest in our core business and use an independent R&D engine-"Cordis Accelerator", exclusively developed for Cordis "The new product series of Ajax Health and Zeus Health, the H&F partner of this transaction, the executive chairman appointed by Cordis and the CEO of Cordis Accelerator, said Duke Rohlen," said Duke Rohlen, CEO of Ajax Health and Zeus Health

    .
    "We have seen an unprecedented opportunity to work with Cordis’s existing leadership and H&F to combine a first-class innovation engine with a strong and stable business foundation

    .
    We will work together to make Cordis a leader in the field of medical device innovation.
    Benchmarking

    .
    "


    After the closing of this transaction, most of the assets and debts related to Cordis' business will be transferred to H&F

    .
    Cardano will retain all litigation rights related to the inferior vena cava filter in the United States and Canada, as well as responsibilities related to these incidents

    .
    According to Cardano's estimates, after the completion of the transitional service agreement, the divestiture of the Cordis business will reduce the annual operating profit of the medical department by approximately 60 million to 70 million US dollars

    .


    According to this final agreement, Cardano will classify the Cordis business to be sold; Cardano estimates that this business will cause a pre-tax loss of up to US$120 million in the third quarter of fiscal 2021

    .
    In addition, Cardano is authorized to bear up to US$125 million in expenses related to the planned divestiture, mainly in its 2021 and 2022 fiscal years

    .

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent Echemi's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.