Medical technology firm Medtronic has completed the acquisition of Israel-based robotic guidance systems provider, Mazor Robotics, in a deal valued at around $1.7bn.
As per terms of the deal, Mazor shareholders are eligible to secure $58.50 per American depository share or 29.25 per ordinary share.
The current transaction is based on multi-phased strategic and equity investment agreement between Medtronic and Mazor, which was signed in May 2016.
Medtronic will include Mazor Robotics in its neurosurgery business, which is part of the restorative therapies group’s brain therapies division.
The acquired business will help Medtronic to expand its technologies for spine surgery.
By aggregating Medtronic’s spine implants, navigation, and 3D imaging technology with Mazor’s robotic-assisted surgery systems, the Irish firm can offer a fully-integrated procedural solution for surgical planning, workflow, execution and confirmation.
Medtronic restorative therapies group president and executive vice president Geoff Martha said: “With today’s announcement, in bringing the two companies together Medtronic aims to accelerate the advancement and adoption of robotic-assisted surgery in spine for the benefit of patients, providers, and the healthcare system more broadly.
“This is the latest example of our Surgical Synergy strategy, which we believe will transform spine care through procedural solutions that integrate implants, biologics and enabling technologies like navigation, 3D imaging, robotics and powered surgical tools.”
Mazor Robotics produces Mazor Core, which is the collaboration of four crucial technologies in company’s systems to provide predictable and precise surgical procedures.
The company’s precise surgical planning suite includes 3D analytics and virtual tools to determine procedure goals and surgical plan.
The suite of tools enable to create surgical blueprint, which separates the surgeon’s analytical planning process from the actual surgery.
The US Food and Drug Administration recently approved Mazor X Stealth Edition, a co-development product of Mazor and Medtronic.
The new system integrates StealthStation software into the Mazor X robotic-assisted surgery platform. It will help deliver procedural predictability and flexibility through real-time image guidance, visualization and navigation with the support of interactive 3D planning and information systems.