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Medtronic in $1.6 billion deal for Mazor Robotics

by Thomas Dworetzky , Contributing Reporter
Med-tech leader Medtronic has picked up the rest of Israel-based Mazor Robotics in a $1.64 billion deal.

The definitive merger deal has Medtronic paying $58.50 per American Depository Share and $29.25 per ordinary share – a total of $1.64 billion, or $1.34 billion less Medtronic's existing Mazor stake, and cash it will acquire.

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"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," said Geoff Martha, executive vice president and president of the Restorative Therapies Group at Medtronic.

The deal, he stressed, “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."

Bringing together Medtronic's spine implants, navigation, and intra-operative imaging technology with Mazor's robotic-assisted surgery (RAS) systems will make Medtronic a stronger player in the growing spine-surgery technology space – and will allow for wider distribution of the robotics platform technology, which includes the Mazor X Robotic Guidance System and the Renaissance Surgical-Guidance System.

Plans now call for the new combined integration to be unveiled at the upcoming North American Spine Society 2018 Annual Meeting in Los Angeles.

The companies took their relationship for a test drive in May, 2016, when they formed a strategic and equity investment arrangement, which, in August 2017, expanded, as Medtronic became the exclusive global 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."

The deal is slated to close in Medtronic's fiscal Q3 ending January 25, 2019 and is expected to be “modestly dilutive” to EPS.
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