Auris buys Hansen Medical
"Auris Surgical Robotics, Inc. and Hansen Medical, Inc. (NASDAQ: HNSN)
announced that they have signed a definitive merger agreement
under which Auris will acquire Hansen Medical for $4.00 per share in
cash, or a total equity value of approximately $80 million. The purchase
price per share represents a premium of approximately 39.9% over the
closing sale price of common stock of Hansen Medical as reported on
NASDAQ on April 19, 2016. In addition, certain significant stockholders
of Hansen Medical have agreed to invest approximately $49 million into
Auris contemporaneously with the closing of the transaction.
"Hansen Medical has developed a technology leadership
position in the field of intravascular robotics," commented Dr. Fred
Moll, Chief Executive Officer of Auris. "There remains a significant
opportunity in flexible robotics and I am excited to combine with Hansen
Medical to advance this market."
"We are pleased with this outcome, which we believe maximizes
value for our shareholders. The combined capabilities of Auris and
Hansen Medical will accelerate the proliferation of medical robotics to
advance patient care," said Cary Vance, President and CEO of Hansen
Medical.
The transaction is expected to close in mid-2016, subject to
customary closing conditions, including Hansen Medical shareholder
approval. Holders of approximately 65.4% of Hansen Medical's outstanding
shares, including all executive officers and directors of Hansen
Medical and the significant stockholders described above, have entered
into voting agreements with Auris and Hansen Medical pursuant to which
they have agreed to vote in favor of and otherwise support the
transaction.
PJT Partners provided financial advice to Auris on the
transaction, with Morrison & Foerster LLP serving as legal adviser
to Auris. In connection with the transaction, Perella Weinberg Partners
LP is serving as financial adviser to a Special Committee of the Board
of Directors of Hansen Medical, Sidley Austin LLP is serving as legal
adviser to Hansen Medical and Morris, Nichols, Arsht & Tunnell LLP
is serving as legal adviser to the Special Committee of the Board of
Directors of Hansen Medical.
About Auris Surgical Robotics, Inc.
Auris is a technology company defining the future of medical
intervention. By combining advancements in medical robotics,
instrumentation, navigation and data science, Auris is building a
platform technology capable of expanding the applicability of robotics
to a spectrum of medical procedures.
About Hansen Medical, Inc.
Hansen Medical, Inc., based in Mountain View, California, is a
leader in intravascular robotics, developing products and technology
designed to enable the accurate positioning, manipulation and control of
catheters and catheter-based technologies. The company's Magellan™
Robotic System, Magellan Robotic Catheters, and related accessories are
intended to facilitate navigation to anatomical targets in the
peripheral vasculature and subsequently provide a conduit for manual
placement of therapeutic devices. The company's mission is to enable
cardiac arrhythmia and endovascular procedures and to improve patient
outcomes through the use of intravascular robotics. Additional
information can be found at www.hansenmedical.com.
"Hansen Medical," "Hansen
Medical (with Heart Design),"and "Heart Design (Logo)" are registered
trademarks, and "Magellan" and "Hansen Medical Magellan" are trademarks
of Hansen Medical, Inc. in the U.S. and other countries. All other
trademarks are the property of their respective owners.
Source: MarketWired
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