Irish medical equipment giant Medtronic has acquired full ownership of Israel's Mazor Robotics for $1.6 billion, the companies announced Friday.
Founded in 2001, Mazor manufactures robotic guidance systems for spinal surgery. The deal is part of Medtronic's efforts to expands its leadership in this field.
According to financial news agency Bloomberg, the deal is expected to be finalized by Jan. 25.
Mazor has developed over 200 different systems and holds more than 50 patents worldwide. The company has offices in Israel (Caesarea), Florida (Orlando), and Germany (Munster).
Medtronic, based in Dublin, is one of the largest medical equipment companies in the world. It employs 86,000 people worldwide and provides services to doctors, hospitals and patients in 150 countries.
"Medtronic's acquisition of Mazor strengthens Medtronic's position as a global leader in enabling technologies for spine surgery, and drives Mazor Robotics' vision to bring its core technology to the forefront of the global market," the companies said in a joint statement.
"Mazor's proprietary core platform technology, including the Mazor X Robotic Guidance System and the Renaissance Surgical Guidance System, are transforming spinal surgery from freehand procedures to accurate, state-of-the-art, guided procedures.
"By combining Medtronic's market-leading spine implants, navigation and intra-operative imaging technology with Mazor's robotic-assisted surgery systems, Medtronic intends to offer a fully integrated procedural solution for surgical planning, execution and confirmation," the statement said.
The companies said they plan to showcase their technology integration at the North American Spine Society's annual meeting next week in Los Angeles.
