© Mazor robotics Electronics Production | September 24, 2018
Medtronic to acquire Mazor Robotics
Medtech company, Medtronic plc and Mazor Robotics, a supplier of robotic guidance systems, have entered into a definitive merger agreement under which Medtronic will acquire Mazor in a USD 1.64 billion deal, or USD 1.34 billion net of Medtronic's existing stake in Mazor.
Medtronic's acquisition of Mazor strengthens Medtronic's position in enabling technologies for spine surgery, and drives Mazor Robotics' vision to bring its core technology to the forefront of the global market. "We believe robotic-assisted procedures are the future of spine surgery, and provide surgeons a more precise, repeatable, and controlled ability to perform complex procedures. 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," said Geoff Martha, executive vice president and president of the Restorative Therapies Group at Medtronic, in a press release. "The acquisition of Mazor adds robotic-assisted guidance systems to our expanding portfolio of enabling technologies, and we intend to further cultivate Mazor's legacy of innovation in surgical robotics with the site and team in Israel as a base for future growth." This transaction builds on a relationship originated in May 2016 under a multi-phased strategic and equity investment agreement between Medtronic and Mazor. In August 2017, Medtronic expanded the partnership to become the exclusive worldwide distributor of the Mazor X system. "Today is a historic day for spine surgery and a defining event in the market's evolution, and I want to acknowledge and thank all of those whose contribution and faith have been so critical and impactful to our success," said Ori Hadomi, CEO of Mazor Robotics. "The Mazor team and product portfolio's full integration into Medtronic will maximize our impact globally through Medtronic's channels, advance our systems' leadership position in the marketplace, and drive the realization of our vision to heal through innovation."
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