Company Aims to Integrate Robotics to Make Spine Surgery More Predictable and Transform Outcomes for Hospitals, Surgeons and Patients
DUBLIN, Ireland – December 19, 2018 – Medtronic plc (NYSE:MDT) today announced it has completed the acquisition of Mazor Robotics (NASDAQ: MZOR, TASE:MZOR.TZ). Under the terms of the acquisition agreement announced on September 20, 2018, Mazor shareholders received $58.50 per American Depository Share, or $29.25 (104.80 ILS) per ordinary share, in cash. The total value of the transaction is reported at $1.64 billion, or $1.34 billion net of Medtronic’s existing stake in Mazor and cash acquired. Medtronic’s acquisition of Mazor ranks among the largest medtech deals completed in 2018.
This acquisition strengthens Medtronic’s position as a global innovator in enabling technologies for spine surgery. By combining Medtronic’s market-leading spine implants, navigation, and intra-operative imaging technology with Mazor’s robotic-assisted surgery systems, Medtronic will be able to offer a fully-integrated procedural solution for surgical planning, execution and confirmation.
“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,” said Geoff Martha, executive vice president and president of the Restorative Therapies Group at Medtronic. “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, intra-operative imaging, robotics and powered surgical tools.”
Medtronic believes robotic-assisted surgery can play a transformative role in refining procedures, reducing variability and impacting procedural outcomes in spine surgery. The Mazor X™ Stealth Edition – a co-development effort between Mazor and Medtronic – was recently cleared by the FDA. This new system seamlessly merges two industry-leading devices – the Mazor X robotic assisted surgery platform and the StealthStation™ 8 navigation system – to deliver procedural predictability and flexibility through real-time image guidance, visualization and navigation informed by interactive 3D planning and information systems.