NEW YORK - McDermott Will & Emery is serving as outside counsel to Centerpulse Ltd. in the sale of its Carbomedics mechanical and tissue heart valve business to Snia S.p.A. for $116 million, as well as the assignment to Centerpulse of a contractual right to payments up to $28 million. The purchase price includes $80 million of cash consideration and a subordinated note with a principal amount of $36 million. The stock purchase agreement was signed on November 26, 2002. The sale is expected to close in the first quarter of 2003.
The sale of Carbomedics is the third and final step in Centerpulse's plan to divest its Cardiovascular Prosthetic Division. McDermott Will & Emery also advised Centerpulse on the $95 million sale of IntraTherapeutics to Microvena Corporation and the $170 million sale of its Vascutek vascular grafts business to Terumo Corporation, a Japanese medical device company, both which closed in November.
Centerpulse, Ltd., headquartered in Switzerland, and its subsidiaries develop, produce and distribute medical implants and biological materials for cardiovascular and orthopedic markets worldwide. Its products include artificial joints, dental implants, spinal implants and instrumentation, trauma products, heart valves, synthetic blood vessels and stents for vascular and non-vascular obstructions. For additional information, visit www.centerpulse.com.