Auris Surgical Robotics and Hansen Medical announced that they have signed a definitive merger agreement under which Auris will acquire Hansen Medical for $4.00 per share in cash, or a total equity value of approximately $80m.
The purchase price per share represents a premium of approximately 39.9% over the closing sale price of common stock of Hansen Medical as reported on NASDAQ on April 19, 2016. In addition, certain significant stockholders of Hansen Medical have agreed to invest approximately $49 million into Auris contemporaneously with the closing of the transaction.
"Hansen Medical has developed a technology leadership position in the field of intravascular robotics," commented Dr. Fred Moll, Chief Executive Officer of Auris. "There remains a significant opportunity in flexible robotics and I am excited to combine with Hansen Medical to advance this market."
"We are pleased with this outcome, which we believe maximizes value for our shareholders. The combined capabilities of Auris and Hansen Medical will accelerate the proliferation of medical robotics to advance patient care," said Cary Vance, President and CEO of Hansen Medical.
The transaction is expected to close in mid-2016, subject to customary closing conditions, including Hansen Medical shareholder approval.
Holders of approximately 65.4% of Hansen Medical’s outstanding shares, including all executive officers and directors of Hansen Medical and the significant stockholders described above, have entered into voting agreements with Auris and Hansen Medical pursuant to which they have agreed to vote in favor of and otherwise support the transaction.
Auris is a technology company defining the future of medical intervention. By combining advancements in medical robotics, instrumentation, navigation and data science, Auris is building a platform technology capable of expanding the applicability of robotics to a spectrum of medical procedures.
Hansen Medical, based in Mountain View, California, is a leader in intravascular robotics, developing products and technology designed to enable the accurate positioning, manipulation and control of catheters and catheter-based technologies.
The company’s Magellan™ Robotic System, Magellan Robotic Catheters, and related accessories are intended to facilitate navigation to anatomical targets in the peripheral vasculature and subsequently provide a conduit for manual placement of therapeutic devices.