Siemens Healthineers to Acquire Forerunner in Robotic-Assisted Vascular Interventions

Siemens HealthineersSiemens Healthineers AG has entered into a merger agreement with U.S.-based Corindus Vascular Robotics, Inc. (NYSE American: CVRS), a global technology leader for robotic-assisted vascular interventions. Under the terms of the agreement, Siemens Healthineers will acquire all fully diluted shares of Corindus for $4.28 per share in cash or $1.1 billion in total. The transaction is expected to be closed by end of calendar year 2019, subject to Corindus shareholder approval, receipt of regulatory approvals and other customary closing conditions. The Corindus board fully supports the acquisition proposal. Corindus is headquartered in Waltham, Boston, Massachusetts, and currently has approximately 100 employees.

Corindus develops, produces and sells robotic systems for minimally invasive procedures. These systems help doctors to precisely control guide catheters, guide wires, balloon or stent implants via integrated imaging. The physician does not have to stand at the angiography table as usual but can control the procedure with a separate controlling module and is therefore less exposed to radiation. Corindus is currently one of the leading companies offering a robotic treatment platform for major vascular therapeutic markets, meaning coronary, peripheral vascular and neurovascular interventions. For example, heart disease is the most common cause of death in the U.S. Every year, more than four million percutaneous coronary interventions are carried out worldwide.

The acquisition of Corindus meets the objective of simplifying today's challenges in everyday hospital life. Robotic assisted minimally invasive procedures have the potential to reduce treatment times, increase precision during treatment, raise standardization levels in clinical procedures and ultimately improve clinical outcomes, which is the strategic focus of the Advanced Therapies business segment.

"The interplay of exact imaging and robotic-assisted interventions will enhance both the eyes and hands of the physician, metaphorically speaking. With the addition of Corindus to our strong therapies portfolio we sharpen our procedural focus and will grow by expanding precision medicine and improving clinical outcomes. In the future, our digital and artificial intelligence-based tools will help to integrate the aspects of image-guidance and therapy even further," said Michel Therin, President Advanced Therapies at Siemens Healthineers.

The CorPath systems developed by Corindus will be used together with angiography systems that Siemens Healthineers sells as one of the leading suppliers. The Siemens Healthineers products make minimally invasive treatment possible by using high-quality imaging before and during medical interventions. The company's leading role in image-based minimally invasive procedures is now complemented by robotic-assisted precision medicine. This expansion strengthens the therapy position of Siemens Healthineers and underlines its role as one of the leading providers of solutions along the entire treatment path. This makes the acquisition of Corindus a strategically significant extension of Siemens Healthineers' therapy business.

The future integration of Siemens Healthineers digitization and artificial intelligence solutions with Corindus' robotic systems offers further promising possibilities. The aim is to further increase procedure optimization in order to enable the greatest possible degree of efficiency and clinical reproducibility. In addition, Corindus is driving forward the approval procedure for remote robotic treatment in vascular interventions. Due to the limited availability of specialists for minimally invasive procedures in many regions and the limited number of corresponding clinical facilities, remote treatment could significantly improve patients' access to treatment in the future.

About Siemens Healthineers

Siemens Healthineers enables healthcare providers worldwide to increase value by empowering them on their journey towards expanding precision medicine, transforming care delivery, improving patient experience and digitalizing healthcare. A leader in medical technology, Siemens Healthineers is constantly innovating its portfolio of products and services in its core areas of diagnostic and therapeutic imaging and in laboratory diagnostics and molecular medicine. Siemens Healthineers is also actively developing its digital health services and enterprise services. In fiscal 2018, which ended on September 30, 2018, Siemens Healthineers generated revenue of €13.4 billion and adjusted profit of €2.3 billion and has about 50,000 employees worldwide.

Most Popular Now

Novartis and Microsoft Announce Collabor…

Novartis announced an important step in reimagining medicine by founding the Novartis AI innovation lab and by selecting Microsoft as its strategic AI and data-science partner for this effort. The...

Almirall Takes a Leap into Dermatology D…

Almirall, S.A. (ALM) has launched its first call for innovation to start-ups focused on dermatology digital health. This initiative is the first step in the creation of an accelerator programme...

Bayer Inks Deals with Eleven Startups un…

Bayer announced today that the company has signed collaboration agreements with eleven digital health startups. As part of the program, Bayer will support these startup companies aiming for longer-term collaborations...

Guerbet and IBM Watson Health Announce a…

Guerbet, a global specialist in contrast agents and solutions for diagnostic and interventional medical imaging, announced that it has signed a new agreement with IBM Watson Health to co-develop and...

Health Tech Marketing and PR Agency Incr…

Highland Marketing, a full service agency for health techmarketing, PR and communications, has appointed Tia Dissanayake to a new account executive role,in which she will support the team withher life...

Patients Say Ask before Using Medical Re…

With electronic medical records creating an ideal source of data to inform quality care and new discovery, a key question emerges: How much say should patients have in how their...

Up-Close and Personal with Neuronal Netw…

How our brain cells, or neurons, use electrical signals to communicate and coordinate for higher brain function is one of the biggest questions in all of science. For decades, researchers...

Philips and Spencer Health Solutions Exp…

Building on their successful partnership providing medication adherence solutions to high-acuity patients in the U.S. Royal Philips (NYSE:PHG, AEX:PHIA), a global leader in health technology, and Spencer Health Solutions announced...

Secret-Shopper-Style Study Shows Online …

Web-based and digital-app services that offer oral contraception appear to be overall safe and efficient, according to the findings of a secret-shopper-style study conducted by researchers at Harvard Medical School...

Virtual Medical Visits Get Wary Welcome …

The technology is there. The funding is nearly there. The health providers are getting there. But a new US poll suggests that people over 50 aren't quite ready to fully...