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BREAKING NEWS

Germany's Siemens Healthineers buys U.S. firm Corindus for $1.1 billion

Germany's Siemens Healthineers buys U.S. firm Corindus for $1.1 billion
Siemens Healthineers logo is seen on an item of clothing in manufacturing plant in Forchheim near Nuremberg, Germany, October 7, 2016. REUTERS/Michaela Rehle - D1AEUGTFAVAB -
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Michaela Rehle(Reuters)
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FRANKFURT (Reuters) – Siemens Healthineers <SHLG.DE> is buying Corindus Vascular Robotics <CVRS.A> for $1.1 billion (£903.71 million), the companies announced on Thursday, in the biggest acquisition since the Siemens <SIEGn.DE> subsidiary listed on the stock exchange last year.

Germany’s Siemens Healthineers <SHLG.DE> is buying U.S. firm Corindus, which develops robotic systems for minimally invasive vascular therapy procedures, for $4.28 per Corindus share, above the $2.42 closing price of Corindus on Wednesday.

The systems produced by Corindus, which is based in Massachusetts with approximately 100 employees, allow doctors to guide catheters and stent implants with controlling modules.

The deal is expected to close by the end of the year.

(Reporting by Alexander Huebner and Tom Sims; Editing by Michelle Martin)

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