Karl Storz intends to boost its presence in the robotic surgical market. Credit: fernando zhiminaicela / Pixabay.

Karl Storz Endoscopy-America, a subsidiary of medical technology company Karl Storz Se & Co, has agreed to acquire Asensus Surgical.

Under the agreement, KARL STORZ will acquire all outstanding shares of Asensus for $0.35 per share in cash.

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The purchase price reflects a premium of around 67%, based on the closing price of Asensus’ common stock on 2 April 2024; and a 52% premium over the last trading day before the announcement.

Asensus’ board of directors has unanimously approved the transaction.

The acquisition is expected to bolster Karl Storz’s portfolio and presence in the robotic surgical market, especially with the development of the LUNA system.

Subject to standard closing conditions and approval from Asensus shareholders, the merger is anticipated to conclude in the third quarter of 2024.

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Following the merger, Asensus will operate as a subsidiary of Karl Storz Endoscopy-America and also be delisted from the NYSE American Exchange.

Asensus Surgical president and CEO Anthony Fernando said: “We are pleased to have reached this agreement with KARL STORZ, which we believe maximises value for our stockholders.

“This transaction is a testament to the value of our innovative robotic and digital technology, intellectual property, and the hard work of our talented team.

“We are excited to enter the next chapter for Asensus with Karl Storz, which will allow us to continue to develop and deliver precise, safer, predictable surgery and digital tools to patients and surgeons around the world.”

Financial advisory services for Asensus were provided by Jefferies, with Ballard Spahr acting as legal counsel.

Karl Storz received financial advice from UBS Investment Bank and legal counsel from Ropes & Gray.

Last year, Asensus secured the CE mark for the expanded machine vision capabilities of its previously cleared Intelligent Surgical Unit.