Siemens is acquiring the global leader in vascular robotics and makers of CorPath GRX, for an approximate deal of over $1.1 billion. The announcement was made in August 2019 when Corindus Vascular Robotics confirmed that it has entered into a definitive merger agreement with Siemens Healthineers. The new identity would enable Corindus to further expand its market value into new regions that need cutting-edge robot-assisted vascular (automated non-invasive intervention) procedures in PCI and PVI. The healthcare industry continues to see massive investments, acquisitions and collaborations involving AI startups, robotic software makers, automation companies and analytic platforms.
More than two years ago, Corindus had signed a strategic distribution agreement with Japan Medicalnext Co., Ltd., a wholly-owned entity of MC Healthcare, Inc. (subsidiary of Mitsubishi Corporation) and prominent supplier of medical devices in Japan. Pursuant to the agreement, Japan Medicalnext became the exclusive distributor of Corindus products in Japan.
Michel Therin, President, Advanced Therapies at Siemens Healthineers, 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. We look forward to welcoming the Corindus team to Siemens Healthineers.”
Under the terms of the merger agreement, Siemens Medical Solutions, a wholly-owned subsidiary of Siemens Healthineers AG, a German stock listed company, will acquire all issued and outstanding shares of common stock of Corindus for $4.28 per share in cash, representing an aggregate purchase price of approximately $1.1 billion.
Cardiologists need to quickly connect data to determine the right treatment and expedite reporting. Here’s how the General Hospital in Vienna delivers connected care. #ESCcongress #cardiology https://t.co/RcyXTvwtgK pic.twitter.com/6epxYAUDVb
— Siemens Healthineers (@SiemensHealth) September 2, 2019
Mark J. Toland, President and Chief Executive Officer of Corindus, had stated –
“We are pleased to have reached this agreement with Siemens Healthineers. 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.”
Currently, Corindus Vascular Robotics is a global technology leader in robotic-assisted vascular interventions. The Company’s CorPath® platform is the first FDA-cleared medical device to bring robotic precision to percutaneous coronary and vascular procedures.
CorPath GRX is the second-generation robotic-assisted technology offering enhancements to the platform by adding important key upgrades that increase precision, improve workflow, and extend the capabilities and range of procedures that can be performed robotically. The company is expected to continue developing innovative robotic solutions to revolutionize the treatment of emergent conditions by providing specialized and timely medical care to patients around the world.