The financing confirms EIB confidence in Sorin’s R&D investments
in the cardiovascular industry
Sorin Group (MIL:SRN) (Reuters Code: SORN.MI), a global medical device
company and a leader in the treatment of cardiovascular diseases,
announced today the finalization of a €100 million loan from the
European Investment Bank (EIB).
The EIB facility will fund research and development projects both in
Italy and France related to the development of new products and products
improvements in Cardiac Surgery, Cardiac Rhythm Management and New
Ventures (therapeutic solutions for the treatment of heart failure and
mitral valve regurgitation). The projects cover the entire development
from pre-clinical studies to clinical trials for the 2014-2016 period.
The loan represents approximately one third of Sorin’s planned
investment expenditure in Italy and France during the 2014-2016 period.
In 2013 Sorin Group dedicated over 10% of its sales to R&D, with
approximately 15% of its personnel working in R&D centers in Italy,
France, Germany and North America.
The 7-year loan has a pre-payment grace period of up to 12 months and
bears economic conditions which are competitive with the market
benchmark. This facility follows a first loan obtained from EIB in 2007,
a 7-year facility due June 2014, used to finance Sorin’s research and
development activities during the period 2007-2009.
“Sorin Group is committed to continuous innovation and, thanks to EIB’s
support, our commitment is to continue to provide patients and
healthcare professionals worldwide with cutting-edge innovative
therapeutic solutions,” said AndrÉ-Michel Ballester, CEO of Sorin Group.
“This facility, which follows EIB 7-year loan due June 2014, is a
further sign of EIB confidence in Sorin’s R&D investments in the
“Lending for research and development is one of the priority areas of
intervention of the European Union Bank’s business,” said Dario
Scannapieco, Vice President of European Investment Bank. “We are
therefore very pleased about this second transaction with Sorin Group, a
global device company with over 40 years of excellence in Research and
About Sorin Group
Sorin Group (Reuters Code: SORN.MI), is a global medical device company
and a leader in the treatment of cardiovascular diseases. The Company
develops, manufactures and markets medical technologies for cardiac
surgery and for the treatment of cardiac rhythm disorders. With 3,750
employees worldwide, the Company focuses on two major therapeutic areas:
Cardiac Surgery (cardiopulmonary products for open heart surgery and
heart valve repair or replacement products) and Cardiac Rhythm
Management (pacemakers, defibrillators, cardiac resynchronization
devices). Every year, over one million patients are treated with Sorin
Group devices in more than 80 countries.
For more information, please refer to www.sorin.com
Director, Corporate Communications
Tel: +39 02 69969785
Mobile: +39 348 9792201
Director, Investor Relations
+39 02 69969716
Source: Sorin Group