Siemens Healthineers to Acquire Corindus Vascular Robotics for $1.1 Billion

On August 8, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that Corindus Vascular Robotics, a developer of medical robots, announced it had reached a definitive merger agreement with Siemens Healthineers AG. Under the terms of the merger agreement, Siemens Healthineers, a wholly owned subsidiary of Siemens Healthineers AG, will acquire all issued ordinary shares of Corindus for cash at $4.28 per share, with a total purchase price of approximately $1.1 billion.

The transaction has been approved by the Board of Directors of Corindus and is expected to be completed in the fourth quarter of 2019. Citigroup Global Markets Inc. will serve as Corindus’s exclusive financial advisor, and Cadwalader, Wickersham & Taft LLP will serve as its legal counsel.

Corindus Vascular Robotics was founded on May 4, 2011, and is headquartered in Waltham, Massachusetts. Previously known as Your Internet Defender, the company underwent multiple restructurings and acquisitions before adopting its current name on August 12, 2014. It is dedicated to the design, manufacture, and commercialization of remote precision robotic-assisted systems for interventional therapy (referred to as the “CorPath® System”).

Corindus Vascular Robotics’ first commercially available product, the CorPath 200 robotic system, is the first FDA-approved medical device for assisting in percutaneous coronary intervention (PCI) procedures, helping physicians improve precision and accuracy during stent placement.

During PCI procedures assisted by the CorPath robotic system, physicians sit at a radiation-shielded workstation and use a touchscreen and joystick. The system helps physicians precisely measure anatomy and position devices, thereby reducing radiation exposure for both physicians and patients.

Although Corindus Vascular Robotics initially targeted PCI procedures, its leading technology platform has enabled the development of peripheral applications. Corindus Vascular Robotics has also made significant inroads in the vascular surgery market, including peripheral interventions, neurointerventional therapy, radiation therapy, and cardiac interventions.

Siemens Healthineers, established in 1896, is the healthcare division of Germany’s Siemens AG and one of the largest suppliers in the global healthcare industry. As a leader in medical imaging, medical diagnostics, health information technology, and hearing aids, Siemens Healthineers remains committed to innovating its product portfolio. The company maintains its competitive edge in imaging and diagnostics by continuously introducing new offerings, while expanding its business into enterprise services, consulting and digital services, clinical therapy, and molecular diagnostics.

Siemens Healthineers’ products and solutions include: Diagnostic Imaging (CT, Magnetic Resonance, Molecular Imaging, X-ray, Imaging IT); Clinical Therapy (Cardiology, Interventional Radiology, Radiation Oncology, Surgery); Ultrasound Diagnostic Systems; Laboratory Diagnostics; Point-of-Care Diagnostics; Customer Services; and Disease and Clinical Solutions.

“We are pleased to have reached this agreement with Siemens Healthineers,” said Mark J. Toland, President and Chief Executive Officer of Corindus. “We believe this transaction will deliver substantial value to all Corindus shareholders and provide significant benefits to our customers. The combination of Siemens Healthineers’ advanced, high-quality imaging, digital, and artificial intelligence tools with Corindus’s precision robotic platform has the potential to transform the way patients with cardiovascular or peripheral diseases receive medical care.”

“Corindus has established a leading position in the field of vascular robotics, with a compelling robotic-assisted technology platform for coronary, peripheral, and neurovascular interventions,” said Michel Therin, Senior President of Siemens Healthineers. “The acquisition of Corindus, combined with Siemens’ strong portfolio of advanced therapies, will help further advance the development of vascular robotics. Our technology integration can improve efficiency, enhance care delivery, and ultimately improve patient outcomes. We welcome the Corindus team to Siemens Healthineers.”

(Compiled by Cheng Tao)