Siemens Healthineers to acquire Corindus Vascular Robotics for $1.1bn

Siemens Healthineers, through its subsidiary Siemens Medical Solutions, has agreed to acquire US-based Corindus Vascular Robotics, a developer of precision vascular robotics, for around $1.1 billion.

Headquartered in Waltham, Massachusetts, Corindus Vascular Robotics is engaged in developing robotic solutions for transforming the treatment of emergent conditions.

The company’s CorPath platform is said to be the first FDA-cleared medical device to offer robotic precision to percutaneous coronary and vascular procedures.

CorPath GRX is the second-generation robotic-assisted technology that brings key upgrades to the platform to boost precision, enhance workflow, and extend the capabilities for carrying out a variety of procedures robotically.

Michel Therin – President of Siemens Healthineers Advanced Therapies said: “Corindus has established a leading position in vascular robotics with a compelling technology platform for robotic-assisted coronary, peripheral, and neurovascular procedures.

“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.”

Corindus Vascular Robotics to be acquired by Siemens Healthineers. Image courtesy of Stuart Miles/Freedigitalphotos.net.

According to the terms of the deal, Siemens Medical Solutions will buy 100% of the shares of Corindus Vascular Robotics for $4.28 per share in cash.

Mark J. Toland – president and CEO of Corindus Vascular Robotics said: “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.”

Citigroup Global Markets is the exclusive financial advisor to Corindus Vascular Robotics for the transaction while Cadwalader, Wickersham & Taft is the legal advisor.

The closing of the deal, which is subject to approval by shareholders of Corindus Vascular Robotics and the satisfaction of customary closing conditions, is expected to occur in Q4 2019.