It looks like Siemens Healthineers is keen on diving into the medical robotics space. The Erlangen, Germany-based company said its subsidiary Siemens Medical Solutions is set to acquire Corindus Vascular Robotics for about $4.28 per share in cash or$1.1 billion.

The transaction has been approved by Corindus’ board and is expected to close in 4Q19, subject to approval by the company’s stockholders.

“Corindus has established a leading position in vascular robotics with a compelling technology platform for robotic-assisted coronary, peripheral, and neurovascular procedures,” Michel Therin, President, Advanced Therapies at Siemens Healthineers, said in a release. “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.”

Corindus is known for its CorPath System, which is described by the company as the first and only FDA-cleared medical device that can bring robotic precision to both percutaneous coronary intervention and peripheral vascular intervention procedures.

Siemens has a portfolio of products and services in the core areas of diagnostic and therapeutic imaging and in laboratory diagnostics and molecular medicine. The company is also actively developing its digital health services and enterprise services.

SOURCE:MDDI