Karl Storz Endoscopy-America, a subsidiary of family-owned medical technology company Karl Storz, has agreed to acquire Asensus Surgical, a provider of operating room digital solutions.

Under the terms of the merger agreement, Karl Storz will acquire all of the outstanding shares of Asensus Surgical for $0.35 per share in cash.

The purchase price represents a premium of approximately 67% based on the per share closing price of the Asensus common stock on the NYSE American on 2 April 2024

The transaction has been unanimously approved by Asensus’ Board of Directors.

It is expected to be completed in the third quarter of this year, subject to customary closing conditions, including receipt of approval from the Asensus stockholders.

Upon closing, Asensus Surgical will become a subsidiary of KARL STORZ Endoscopy-America and will no longer be publicly traded on the NYSE.

Asensus Surgical president and CEO Anthony Fernando said: “We are pleased to have reached this agreement with KARL STORZ, which we believe maximizes 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.”

The transaction is expected to enhance KARL STORZ’s portfolio and market presence.

It will strengthen the company’s position in the growing robotic surgical market, particularly with the development of the next-generation LUNA system.

Asensus Surgical will work to secure stockholder approval of the transaction and to complete the transaction as per the terms of the merger agreement.

Jefferies served as financial advisor, and Ballard Spahr as legal counsel to Asensus Surgical, while UBS Investment Bank served as a financial advisor, and Ropes & Gray as legal counsel to Karl Storz.