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August 8, 2019

Siemens Healthineers to acquire Corindus Vascular Robotics for $1.1bn

Siemens Healthineers has signed a definitive agreement to acquire all fully diluted shares of US-based Corindus Vascular Robotics in a deal valued at $1.1bn.

Siemens Healthineers has signed a definitive agreement to acquire all fully diluted shares of US-based Corindus Vascular Robotics.

The deal is valued at $4.28 per share in cash or $1.1bn in total.

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

Through the acquisition of Corindus, Siemens’ company’s role in image-based minimally invasive procedures will be complemented by robotically-assisted precision medicine. Through the integration, both companies hope to optimise the procedures their technology can carry out to ensure the greatest possible degree of efficiency and clinical reproducibility.

The acquisition will enable Siemens to extend its advanced therapies business and combine its cardiovascular and neuro-interventional therapy systems with Corindus’s technology, driving procedure optimisation for image-based minimally invasive therapies.

Corindus’s CorPath precision robotic systems will be used alongside angiography systems sold by Siemens Healthineers.

Siemens noted that the future integration of its digitisation and artificial intelligence (AI) solutions with Corindus’s robotic systems could allow for further collaboration in the future.

Siemens Healthineers advanced therapies president Michel Therin said: “With the addition of Corindus to our strong therapies portfolio we sharpen our procedural focus and will grow by expanding precision medicine and improving clinical outcomes.

“In the future, our digital and artificial intelligence-based tools will help to integrate the aspects of image-guidance and therapy even further.”

The transaction is subject to Corindus shareholder approval, receipt of regulatory approvals and other customary closing conditions and is slated for completion by the end of 2019. The Corindus board has given its full support to the acquisition process.

Corindus president and CEO Mark Toland said: “The collaboration with Siemens Healthineers is a unique opportunity to take our business to the next level and continue our success story. Together we plan to develop next-generation solutions that further improve patient care.”

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