Siemens Healthineers buys Corindus in $1.1B deal

Thursday, 08. August 2019 08:04

Siemens AG's 2018 healthcare spin-off, Siemens Healthineers, agreed to purchase New York Stock Exchange-listed Corindus Vascular Robotics in a deal worth around $1.1 billion in an all-cash transaction. Shareholders of Corindus can expect to earn $4.28 per share in the deal. Corindus will officially be purchased by Siemens Medical Solutions, which is a subsidiary of Siemens Healthineers.

Corindus CEO Mark Torland said: "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." Siemens is looking to acquire knowledge from Corindus on "robotic-assisted coronary, peripheral, and neurovascular procedures," according to head of Advanced Therapies at Siemens Healthineers, Michel Therin.

The deal still needs to be approved by Corindus shareholders and it is expected to be finalized in the last quarter of the year, subject to regulatory approval.

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