WALTHAM, Mass. — Corindus Vascular Robotics Inc., a leading developer of precision vascular robotics, today announced that it has agreed to be acquired by Siemens Healthineers AG. Under the terms of the definitive merger agreement, Siemens Medical Solutions will acquire all issued and outstanding shares of common stock of Corindus for $4.28 per share in cash, representing an aggregate purchase price of approximately $1.1 billion.
Corindus Vascular Robotics said its CorPath platform is the first medical device cleared by the U.S. Food and Drug Administration (FDA) to bring robotic precision to percutaneous coronary and vascular procedures. The FDA also approved its software.
CorPath GRX is a second-generation robotic-assisted technology, and it includes upgrades that increase precision, improve workflow, and extend the capabilities and range of procedures that can be performed robotically, said Coridnus.
Siemens Medical Solutions is a wholly owned subsidiary of Siemens Healthineers, a German stock listed company. A leader in medical technology, Siemens Healthineers said it is constantly innovating its portfolio of products and services in its core areas of diagnostic and therapeutic imaging and in laboratory diagnostics and molecular medicine. Siemens Healthineers is also actively developing its digital health services and enterprise services.
The Robot Report has launched the Healthcare Robotics Engineering Forum, which will be on Dec. 9-10 in Santa Clara, Calif. The conference and expo focuses on improving the design, development and manufacture of next-generation healthcare robots. Learn more about the Healthcare Robotics Engineering Forum.
Corindus Vascular Robotics, Siemens Healtineers seek synergies
“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,” stated Mark J. Toland, president and CEO of Corindus. “The tremendous technology synergies and shared vision between both companies should allow us to achieve a seamless integration between our businesses.”
“Corindus has established a leading position in vascular robotics with a compelling technology platform for robotic-assisted coronary, peripheral, and neurovascular procedures,” said Michel Therin, 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,” he added. “We look forward to welcoming the Corindus team to Siemens Healthineers.”
The transaction has been approved by the board of directors of Corindus Vascular Robotics and is expected to close in the fourth quarter of 2019, subject to approval by Corindus 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 company raised $25 million in March 2018.
In connection with the transaction, Citigroup Global Markets Inc. is acting as exclusive financial advisor to Corindus, and Cadwalader, Wickersham & Taft LLP is serving as its legal advisor.
Editor’s note: The Robot Report recently spoke with Corindus Chief Operating Officer Doug Teany and will post an article about the robot-assisted surgery company’s strategy soon.