Corindus Vascular Robotics, which developers precision vascular surgical robots, today announced it has entered into a definitive merger agreement with Siemens Healthineers AG. Under terms of the agreement, Siemens Medical Solutions, a subsidiary of Siemens Healthineers, will acquire all issued and outstanding shares of common stock for Corindus for $4.28 per share in cash, approximately worth $1.1 billion.
“We are pleased to have reached this agreement with Siemens Healthineers,” said Mark J. Toland, president and CEO of Corindus. “We believe the transaction will deliver immediate, compelling, and certain value to all Corindus stockholders, as well as substantial benefits to our customers. The combination of Siemens Healthineers’ advanced, high-quality imaging, digital and artificial intelligence tools with Corindus’ precision robotics platform has the potential to transform the way healthcare is delivered to those suffering from cardiovascular or peripheral disease. The tremendous technology synergies and shared vision between both companies should allow us to achieve a seamless integration between our businesses.”
Robot-assisted vascular surgery
Corindus develops the CorPath platform, an FDA-cleared medical device that brings robotic precision to percutaneous coronary and vascular procedures. CorPath GRX is the second-generation robotic-assisted technology that offers enhancements to the platform, by adding upgrades that increase precision, improve workflow, and extend the capabilities and range of procedures that can be performed robotically. Earlier this year, the company announced FDA submission for Neurovascular Intervention Indication for the CorPath GRX system.
“Corindus has established a leading position in vascular robotics with a compelling technology platform for robotic-assisted coronary, peripheral, and neurovascular procedures,” said Michel Thein, president of advanced therapies at Siemens Healthineers. “The acquisition of Corindus, combined with Siemens’ strong advanced therapies portfolio will help further advance the growth of vascular robotics. The integration of our technologies could lead to reduced variability, improved efficiency, expanded access to care, and ultimately improved patient outcomes. We look forward to welcoming the Corindus team to Siemens Healthineers.”
The transaction, approved by the board of directors at Corindus, is expected to close in the fourth quarter of 2019, subject to approval by stockholders, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and the satisfaction of other customary closing conditions, the companies said. Citigroup Global Markets, Inc., is acting as the exclusive financial advisor to Corindus, and Cadwalader, Wickersham & Taft LLP is serving as its legal advisor.
Date: August 14, 2019
Source: Robotics Business Review