Corindus Vascular Robotics on August 8 announced it had entered a definitive merger agreement with Siemens Healthineers, which will reportedly acquire Corindus for a price of $1.1 billion.
Corindus—which developed CorPath, the first FDA-cleared medical device to integrate robotics into PCI and vascular procedures—also announced its second quarter results Thursday, noting the company made $4.6 million in the period ending June 30. That’s a 175% year-over-year increase from 2018, when its second quarter earnings totaled $1.7 million.
Under the terms of the new merger agreement, Siemens Medical Solutions, a subsidiary of Siemens Healthineers AG, will acquire all issued and outstanding shares of common Corindus stock for $4.28 per share in cash, for an aggregate purchase price of around $1.1 billion. The merger was approved by Corindus’ board of directors and is expected to close in the fourth quarter of 2019, pending final approval.
“As the clinical community embraces our technology with an eye toward remote capabilities and the ability to expand access to care, we see increasing momentum in our business,” Mark J. Toland, president and CEO at Corindus, said in a prepared statement. “The transaction we announced today with Siemens Healthineers reflects the culmination of our efforts to find a strategic partner with the right synergies to accelerate the development of our precision robotics platform.
“By integrating our pioneering technology with Siemens Healthineers’ advanced high-quality imaging, digital and artificial intelligence tools, we will be ever closer to transforming the way healthcare is delivered to those suffering from cardiovascular or peripheral disease.”