Siemens Acquires Corindus Vascular Robotics for $1.1 Billion in Cash
Siemens Healthineers announced that it has acquired Corindus Vascular Robotics. The medical subsidiary of the German health giant purchased all issued and outstanding shares of the robotics firm at $4.28 per share in cash, totaling $1.1 billion.
“We are pleased to have reached this agreement with Siemens Healthineers,” said Mark J. Toland, President and Chief Executive Officer of Corindus, in a statement last week. “We believe the transaction will deliver immediate, compelling and certain value to all Corindus stockholders, as well as substantial benefits to our customers.”
Mass.-based Corindus’ Board of Directors approved the merger and the deal is expected to close in the fourth quarter of 2019, subject to approval by Corindus stockholders and the standard closing conditions for transactions of this nature.
“Corindus has established a leading position in vascular robotics with a compelling technology platform for robotic-assisted coronary, peripheral, and neurovascular procedures.”
“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, Advanced Therapies at Siemens Healthineers, in a statement.
“The acquisition of Corindus, combined with Siemens’ strong advanced therapies portfolio will help further advance the growth of vascular robotics,” Therin said. “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.”