Siemens Healthineers AG will acquire all issued and outstanding shares of common stock of Corindus Vascular Robotics, Corindus announced Thursday.
The cash transaction is $4.28 per share, resulting in an aggregate purchase price of $1.1 billion by Siemens Medical Solutions, a subsidiary of Siemens Healthineers, Corindus said.
“We are pleased to have reached this agreement with Siemens Healthineers,” said Mark J. Toland, president and CEO of Corindus, in the news release. “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.”
“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. We look forward to welcoming the Corindus team to Siemens Healthineers.”
Corindus Vascular Robotics’ CorPath is the first U.S. Food and Drug Administration-cleared medical device to bring robotic technology to percutaneous coronary and vascular procedures. Siemens Healthineers is a multibillion-dollar health-care technology company.
The merger is expected to close in the fourth quarter of 2019, Corindus said.