VISTA BUYOUT ALERT: Corindus Vascular Robotics (CVRS) To Be Acquired by Siemens Healthineers – Stockholders to Receive $4.28/Share
Recently, we have been accumulating shares of Corindus Vascular Robotics (NYSE American: CVRS) in the $2.21/share – $2.80/share range as most of you know that receive our Vista Partners Weekly Market View Newsletter each Saturday. In fact, many of you know that we also have been highlighting CVRS in the Stocks In View ‘ Emerging Growth Section over the same time period as it is our custom. Here’s a link to our latest newsletter.
Corindus is a global technology leader in robotic-assisted vascular interventions. The Company’s CorPath® platform is the first FDA-cleared medical device to bring robotic precision to percutaneous coronary and vascular procedures. CorPath GRX is the second-generation robotic-assisted technology offering enhancements to the platform by adding important key upgrades that increase precision, improve workflow, and extend the capabilities and range of procedures that can be performed robotically. They are focused on developing innovative robotic solutions to revolutionize the treatment of emergent conditions by providing specialized and timely medical care to patients around the world. For additional information, visit www.corindus.com.
Tonight, we received the great news that Corindus has entered into a definitive merger agreement to be acquired by Siemens Healthineers AG. Under the terms of the merger agreement, Siemens Medical Solutions, a wholly-owned subsidiary of Siemens Healthineers AG, a German stock listed company, will acquire all issued and outstanding shares of common stock of Corindus for $4.28 per share in cash, representing an aggregate purchase price of approximately $1.1 billion. The transaction has been approved by the Board of Directors of Corindus and is expected to close in the fourth quarter of 2019, subject to approval by Corindus stockholders, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and the satisfaction of other customary closing conditions. In connection with the transaction, Citigroup Global Markets Inc. is acting as exclusive financial advisor to Corindus and Cadwalader, Wickersham & Taft LLP is serving as its legal advisor.
Mark J. Toland, President and Chief Executive Officer of Corindus stated, “We are pleased to have reached this agreement with Siemens Healthineers. We believe the transaction will deliver immediate, compelling and certain value to all Corindus stockholders, as well as substantial benefits to our customers. The combination of Siemens Healthineers’ advanced, high-quality imaging, digital and artificial intelligence tools with Corindus’ precision robotics platform has the potential to transform the way healthcare is delivered to those suffering from cardiovascular or peripheral disease. The tremendous technology synergies and shared vision between both companies should allow us to achieve a seamless integration between our businesses.
Michel Therin, President, Advanced Therapies at Siemens Healthineers stated, “Corindus has established a leading position in vascular robotics with a compelling technology platform for robotic-assisted coronary, peripheral, and neurovascular procedures. 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.”