Venture capital-backed Auris Surgical Robotics Inc. will acquire Hansen Medical Inc. (Nasdaq: HNSN) in a deal valued up to $129 million. Auris will pay $80 million for Hansen, while certain Hansen stockholders are going to invest an additional $49 million into Auris.
Hansen, based in Mountain View, California, produces medical robot technology that is mostly used for accurate 3D control of catheter movement. The company is known for its Magellan and Sensei robotic systems.
Auris, located in San Carlos, California, is a medical technology company that develops robots that are used in procedures, such as eye surgery. The company has received financing from Peter Thiel-backed Mithril Capital Management, Lux Capital and Highland Capital Partners.
“There remains significant opportunity in flexible robotics and I am excited to combine with Hansen Medical to advance this market,” says Auris CEO Fred Moll, who also co-founded Hansen in 2002 and served as the target’s CEO from 2002 to 2010.
PJT Partners and Morrison & Foerster LLP are advising Auris. Perella Weinberg Partners LP, Sidley Austin LLP and Morris Nichols Arsht & Tunnell LP are advising Hansen.
Buyers are drawn to makers of robots, which are being used in a range of industries to increase the efficiency of manufacturing. Arlington Capital Partners has agreed to purchase the defense and security business of iRobot Corp. (Nasdaq: IRBT); Omron Corp. (TYO: 6645) bought mobile robot manufacturer Adept Technology Inc.; and Rockwell Automation (NYSE: ROK) said it will buy automated conveyer belt maker MagneMotion. For more on M&A among robot makers, see our video Cloud Computing and Robots Will Shine Brightly in 2016.