August 8, 2019 — Corindus Vascular Robotics announced it has entered into a definitive merger agreement to be acquired by Siemens Healthineers AG. Under the terms of the merger agreement, Siemens Medical Solutions, a wholly-owned subsidiary of Siemens Healthineers AG, a German stock listed company, will acquire all issued and outstanding shares of common stock of Corindus for $4.28 per share in cash, representing an aggregate purchase price of approximately $1.1 billion.
Corindus developed the CorPath platform, the first U.S. Food and Drug Administration (FDA)-cleared medical device for robotic-assisted vascular interventions. The use of a robotic system helps protect cardiac catheterization lab personnel from additional radiation exposure.
Corindus received FDA clearance for the latest generation of the system, CorPath GRX, in October 2016 for use in coronary PCI; the system earned an additional 510(k) clearance in February 2018 for use in peripheral vascular interventions. As of early 2019, Corindus is also seeking premarket clearance for CorPath GRX in neurovascular interventions. The system has also been featured in several high-profile live case transmissions:
- In September 2018, at the Transcatheter Cardiovascular Therapeutics (TCT) conference, the first live transmission of a remote robotic demonstration was streamed from Mayo Clinic using CorPath GRX with developmental remote technology in a porcine model; and
- Last December, the system was utilized in the first-in-human Telerobotic Intervention Study, the world’s first PCI conducted from a remote location approximately 20 miles outside of the cath lab.
“We are pleased to have reached this agreement with Siemens Healthineers,” said Mark J. Toland, president and chief executive officer of Corindus. “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.”
“Corindus has established a leading position in vascular robotics with a compelling technology platform for robotic-assisted coronary, peripheral and neurovascular procedures,” said Michel Therin, president, advanced therapies at Siemens Healthineers. “The acquisition of Corindus, combined with Siemens’ strong advanced therapies portfolio will help further advance the growth of vascular robotics. The integration of our technologies could lead to reduced variability, improved efficiency, expanded access to care and ultimately improved patient outcomes. We look forward to welcoming the Corindus team to Siemens Healthineers.”
The transaction has been approved by the board of directors of Corindus and is expected to close in the fourth quarter of 2019, subject to approval by Corindus stockholders, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and the satisfaction of other customary closing conditions.
In connection with the transaction, Citigroup Global Markets Inc. is acting as exclusive financial advisor to Corindus and Cadwalader, Wickersham & Taft LLP is serving as its legal advisor.
For more information: www.corindus.com, www.siemens-healthineers.com