Stryker, a leading medical technology company based in Kalamazoo, Michigan, acquired Mobius Imaging and its subsidiary Cardan Robotics for $500 million. The deal includes a down payment of $370 million in cash and $130 million that will be paid based on development and commercialization milestones.
Shirley, Mass.-based Mobius develops point-of-care imaging technology. Its Airo TruCT scanner offers mobile, real-time imaging. In February 2019, the system was integrated for the first time with Stryker’s NAV3i guidance system for spine surgeries. The Air TruCT won 510(k) clearance from the FDA in April 2018. Mobius raised $25 million in 2018.
Founded in 2015, Cardan Robotics is developing robotics and navigation technology systems for surgical and interventional radiology procedures.
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.
“This acquisition brings expertise in advanced imaging and robotics as well as a robust product pipeline that add to Stryker’s portfolio and will allow the Spine division to provide more complete procedural solutions, including sales, service, and support,” said Spencer Stiles, Stryker’s Group President, Orthopaedics and Spine. “We look forward to working together to advance Stryker’s mission to make healthcare better and accelerate our pursuit of category leadership in Neurotechnology, Orthopaedics, and Spine.”
Stryker’s acquisition of Mobius Imaging and Cardan Robotics is expected to close in Q4 2019.
Healthcare Robotics M&As in 2019
Stryker was the first orthopedics major to bet large on robotics with its $1.68 billion acquisition of Mako Surgical in December 2013. Fast forward to 2019, and it’s been a busy year in terms of healthcare robotics investments and mergers and acquisitions (M&As).
The first acquisition that comes to mind is Johnson & Johnson buying Auris Health for $3.4 billion. The deal includes an additional $2.35 billion in milestone-based contingent payments, so the total value of the deal could reach approximately $5.75 billion when all is said and done.
Auris is surgical robotics pioneer Dr. Fred Moll’s newest robotic surgical play. The acquisition is one of the 10 largest VC-backed, private M&As of all-time and is both the largest robotics and largest medtech private M&A deal in history. Kiva Systems previously held the title for largest robotics acquisition when it was purchased by Amazon for $775 million.
Below is a recap of the major healthcare robotics M&As of 2019.
|J&J||Auris Health||February 13||$3.4B||Read Story|
|Siemens||Corindus Vascular Robotics||August 8||$1.1B||Read Story|
|Smith & Nephew||Osiris Therapeutics||March 12||$660M|
|Stryker||Mobius Imaging, Cardan Robotics||September 4||$500M||Read Story|
|Stryker||Orthospace||March 14||$220M||Read Story|