Siemens Healthineers To Buy Corindus Vascular Robotics For £905m

Siemens Healthineers wholly-owned subsidiary Siemens Medical Solutions has agreed to acquire Corindus Vascular Robotics for around $1.1bn (£905m)

As per the terms of the deal, Siemens will purchase all issued and outstanding shares of the common stock of Corindus for $4.28 (£ 3.52) per share in cash.

Siemens Healthineers advanced therapies president Michel Therin said: “The acquisition of Corindus, combined with Siemens’ strong advanced therapies portfolio will help further advance the growth of vascular robotics.”

Corindus, a global technology major in robotic-assisted vascular interventions

Corindus, which has expertise in robotic-assisted vascular interventions, is involved in the development of robotic solutions for the treatment of emergent conditions.

The firm’s CorPath platform is claimed to be the first FDA-cleared medical device to deliver robotic precision to percutaneous coronary and vascular procedures.

CorPath GRX is the second-generation robotic-assisted technology designed to add key upgrades to the platform to enhance precision, improve workflow, and extend the capabilities for conducting a range of procedures robotically.

During a CorPath Robotic-assisted intervention, physicians sit in a radiation-shielded workstation and use a set of joysticks and touchscreen controls to translate their physician’s movements into device control.

Subject to approval by Corindus stockholders, the deal is expected to be completed in the fourth quarter of this year.

Corindus Vascular Robotics president and CEO Mark Toland 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.”

Siemens Healthineers’ products and services can be used in the areas of diagnostic and therapeutic imaging, as well as laboratory diagnostics and molecular medicine. It also offers digital health services and enterprise services. – NS Medical Devices