Siemens Healthineers said it today completed its $1.1 billion buyout of Corindus Vascular Robotics and its robot-assisted device for coronary and peripheral vascular procedures.
Last week Corindus shareholders approved the merger, in which the German firm put up $4.28 per common share and $85.60 per Series A convertible preferred share. Today Siemens Healthineers said former Corindus CEO Mark Toland is slated to stay on and manage the business under its advanced therapies umbrella.
“With the completion of the acquisition, we are opening up a new field for our Advanced Therapies business, tapping into adjacent growth markets with great potential for the future. We are taking an important step forward in the upgrading phase of our 2025 strategy,” Siemens Healthineers CEO Bernd Montag said in prepared remarks.
“The combination of Siemens Healthineers’ strong medical technology portfolio with its digital platforms and solutions, together with Corindus’ precision robotics platform, has the potential to transform healthcare delivery so that, together, we can provide better care at lower cost,” Toland added.