Siemens Healthineers is dashing deeper into surgical robotics, shelling out $1.1 billion in cash to pick up Corindus Vascular Robotics, maker of a minimally invasive platform for coronary, peripheral and neurovascular procedures.
Siemens’ medical solutions subsidiary will acquire all issued and outstanding shares of Corindus’ common stock for $4.28 per share.
The merger—expected to close by the end of the year, subject to approval by Corindus’ shareholders—aims to couple Siemens’ established surgery tools in digital imaging and artificial intelligence with a precision robotics platform for cardiovascular disease.
“The tremendous technology synergies and shared vision between both companies should allow us to achieve a seamless integration between our businesses,” Corindus President and CEO Mark Toland said in a statement. “We believe the transaction will deliver immediate, compelling and certain value to all Corindus stockholders, as well as substantial benefits to our customers.”
Based in Waltham, Massachusetts, Corindus received FDA clearance in March 2018 for new automated surgery software for its CorPath platform, designed to speed up the placement of catheters and guidewires during more complex percutaneous coronary intervention procedures.