Join Our Newsletter - Get important industry news and analysis sent to your inbox – sign up to our e-Newsletter here

Siemens Healthineers acquires Corindus Vascular Robotics

30 Oct 2019 (Last Updated October 30th, 2019 12:51)

Berlin-based Siemens Healthineers has closed its $1.1bn acquisition of US-based Corindus Vascular Robotics.

Berlin-based Siemens Healthineers has closed its $1.1bn acquisition of US-based Corindus Vascular Robotics.

Corindus manufactures robotic systems for minimally invasive procedures, while Siemens’ products use quality imaging before and during medical interventions to make minimally invasive treatment possible.

At a shareholders’ meeting held last week, 87.5% of its stockholders approved the acquisition.

The deal had earlier gained approval from the regulatory authorities.

Siemens Healthineers CEO Bernd Montag said: “With the completion of the acquisition, we are opening up a new field for our Advanced Therapies business, tapping into adjacent growth markets with great potential for the future. We are taking an important step forward in the upgrading phase of our 2025 strategy.”

Following the completion of the deal, Massachusetts-based Corindus has become a part of the Advanced Therapies reporting segment.

Corindus former president and CEO Mark J Toland said: “The combination of Siemens Healthineers’ strong medical technology portfolio with its digital platforms and solutions, together with Corindus’ precision robotics platform, has the potential to transform healthcare delivery so that, together, we can provide better care at lower cost.”

Toland will continue to be responsible for managing Corindus Vascular Robotics within Siemens Healthineers.

Following the acquisition, Siemens’ role in image-based minimally invasive procedures will now be complemented by robotic-assisted precision medicine.

This acquisition expands Siemens’ Advanced Therapies business, combining its cardiovascular and neuro-interventional therapy systems with Corindus’s technology for image-based minimally invasive therapies.

In August, Siemens Healthineers had signed a definitive agreement to acquire Corindus Vascular Robotics for a deal valued at $4.28 per share in cash or $1.1bn in total.