Medtronic is all-in on surgical robotics with $1.6B Mazor buy

Medtronic (NYSE:MDT) is all-in on the surgical robotics game now that’s inked a deal to buy Mazor Robotics (NSDQ:MZOR) for more than $1.6 billion in cash. The world’s largest medical device maker has held a position in Mazor, which makes the Mazor X guidance system and the Renaissance robot-assisted spine surgery platform, since May 2016. In September they closed the third, $40 million tranche of the investment, giving Medtronic a 10.6% stake it paid $72 million for. Now all of the Fridley, Minn.-based company’s chips are in the pot with the $58.50-per ADR share offer to acquire Mazor, which is based in Caesarea, Israel. The offer works out to $29.25 (ILS104.80) per share, for a total of roughly $1.34 billion net of the existing stake and acquired cash. Medtronic said it plans to develop a fully-integrated surgical planning, execution and confirmation system by uniting its existing spine technologies with the Mazor robotic system once the deal closes, expected during Medtronic’s fiscal third quarter ending Jan. 25. “We believe robotic-assisted procedures are the future of spine surgery, enhancing surgeons’ abilities to perform complex procedures with greater precision, consistency and control. Medtronic is committed to accelerating the adoption of robotic-assisted surgery and transforming spine care through procedural solutions that integrate implants, biologics and enabling technologies,” restorative therapies president Geoff Ma...
Source: Mass Device - Category: Medical Devices Authors: Tags: Featured Mergers & Acquisitions Robotics Wall Street Beat mazorrobotics Medtronic Source Type: news