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Medtronic PLC has agreed to pay $ 1.6 billion to buy an Israeli manufacturer of a robotic system for spinal surgery, Mazor Robotics, in an agreement announced Thursday night.
Medtronic, owned by Minnesota, previously held a $ 300 million stake in Mazor, bringing the net price of the deal to $ 1.3 billion, or $ 29.25 per share.
The transaction is expected to be completed by the end of January.
"We believe that robot-assisted procedures are the future of spine surgery, improving the ability of surgeons to perform complex procedures with greater precision, consistency and control," said Martha Geoff in its press release. "Medtronic is committed to accelerating the adoption of robot-assisted surgery and transforming spinal care through procedural solutions integrating implants, biologics and enabling technologies."
Martha said the deal would add robot-assisted guidance systems to Medtronic's growing line of spinal technologies, which generated $ 2.7 billion in sales last year.
But the site of innovation for the robotic surgical guidance system Mazor X in Israel will remain.
Medtronic became the exclusive global distributor of the Mazor X system last year, and more than 80 of these systems have been successfully installed since their launch.
Joe Carlson
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