Most of Shiley Valve Product Line Sold
Pfizer Inc. said Friday that it has completed the sale of most of the product lines of its Shiley Inc. heart valve manufacturing unit to Italy’s Sorin Biomedica S.p.A., a unit of the Fiat Group.
The product lines, which include cardiovascular and blood-handling devices, were sold for $230 million in cash. Sorin also agreed to assume about $20 million in financial obligations associated with the products. Pfizer officials said employees at Irvine-based Shiley will be transferred to Sorin affiliates.
Pfizer will continue to operate the Shiley Heart Valve Research Center and will retain its legal liabilities for the potential defects in heart valves its subsidiary marketed from 1979 to 1986.
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