Medtronic has signed a definitive merger agreement to acquire 100% of the outstanding ordinary shares of surgical systems developer Mazor Robotics for a total consideration of about $1.64bn.
The deal bolsters Medtronic’s footprint in the spine surgery technologies area, while allowing more exposure to Mazor’s core platform technology of robotic-assisted surgery (RAS) systems.
The Mazor X Robotic Guidance System and Renaissance Surgical-Guidance System are designed for accurate guidance during spine surgery procedures.
Medtronic expects that its spine implants, navigation and intra-operative imaging technology in combination with Mazor’s RAS systems will deliver a fully-integrated procedural solution.
Medtronic Restorative Therapies Group executive vice-president and president Geoff Martha said: “We believe robotic-assisted procedures are the future of spine surgery, enhancing surgeons’ abilities to perform complex procedures with greater precision, consistency and control.
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The acquisition of Mazor adds robotic-assisted guidance systems to our expanding portfolio of enabling technologies, and we intend to further cultivate Mazor’s legacy of innovation in surgical robotics with the site and team in Israel as a base for future growth.”
In May 2016, Medtronic and Mazor signed a multi-phased strategic and equity investment agreement.
The alliance was expanded later in August last year, when Medtronic agreed to be the exclusive worldwide distributor of the Mazor X system.
Mazor Robotics CEO Ori Hadomi said: “The Mazor team and product portfolio’s full integration into Medtronic will maximise our impact globally through Medtronic’s channels, advance our systems’ leadership position in the marketplace, and drive the realisation of our vision to heal through innovation.”
Subject to customary closing conditions and approvals, the transaction is scheduled to be completed in Medtronic’s third fiscal quarter ending 25 January 2019.