Siemens Healthineers to acquire Corindus Vascular Robotics for $1.1 billion

Siemens Healthineers announced that it has entered into a merger agreement with Corindus Vascular Robotics to acquire all fully diluted Corindus shares for $4.28 per share in cash, or $1.1 billion. The amount represents a 77% premium to Corindus' share price on August 7. 

Bernd Montag, CEO of Siemens Healthineers, remarked that "together with Corindus, [we are] well-positioned to be one of the leading players in the field of robotic vascular interventions and to perform minimally invasive procedures more accurately, more quickly and more effectively." He said "with this acquisition, we are opening up a new field for our image-guided therapies business," and that "together with our...portfolio in imaging, digitalisation and artificial intelligence (AI), we are creating significant synergies to advance therapy outcomes."

According to Siemens Healthineers, Corindus' robotic systems for minimally invasive procedures help doctors "precisely control guide catheters, guide wires, balloon or stent implants via integrated imaging." The company added that Corindus' CorPath technology will be used together with its own cardiovascular and neuro-interventional therapy systems to drive "procedure optimisation for image-based minimally invasive therapies."

Michel Therin, head of advanced therapies at Siemens Healthineers, suggested that "in the future, our digital and AI-based tools will help to integrate the aspects of image-guidance and therapy even further." 

The transaction, expected to close in the fourth quarter, is subject to Corindus shareholder approval. Corindus, which is headquartered in Boston, currently employs around 100 staff.

The CorPath 200 system is cleared in the US for percutaneous coronary interventions (PCI), for radial access PCI and for peripheral vascular interventions. The second-generation CorPath GRX system received initial 510(k) clearance in 2016 for use in PCI and was cleared last year for peripheral vascular interventions. It is also approved for use in PCI in Japan. 

Meanwhile, Corindus is also seeking to have CorPath GRX cleared in the US for neurovascular interventions, an indication the product already has in Europe, as well as in Australia and New Zealand.