Medtronic to acquire Mazor in $1.64 billion deal


In biggest-ever Israeli biotech exit, Medtronic buys Mazor for $1.6b

Needham & Company LLC reaffirmed a hold rating on shares of Mazor Robotics in a research report on Thursday, July 7th. BidaskClub downgraded Mazor Robotics from a hold rating to a sell rating in a research note on Saturday, May 26th.

Mazor Robotics (NASDAQ:MZOR) last released its earnings results on Thursday, August 2nd. Finally, B. Riley initiated coverage on Mazor Robotics in a research report on Thursday, October 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of "Hold" and an average price target of $61.08. Using Mazor's technologies, surgeons can plan procedures in 3D modeling software and execute them with the assistance of robotic arms. Mazor Robotics has a 52 week low of $41.60 and a 52 week high of $76.56.

NASDAQ:MZOR opened at $52.75 on Friday. The medical instruments supplier reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.13). The firm had revenue of $13.20 million during the quarter, compared to analyst estimates of $17.02 million. The business's revenue for the quarter was up 6.4% compared to the same quarter a year ago. Equities analysts predict that Mazor Robotics will post ($0.71) EPS for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the stock. Finally, Alps Advisors Inc. acquired a new stake in Mazor Robotics in the 2nd quarter valued at $279,000. LLC now owns 422,809 shares of the medical instruments supplier's stock worth $25,944,000 after purchasing an additional 159,662 shares during the last quarter. EAM Investors LLC bought a new stake in shares of Mazor Robotics during the second quarter worth $2,348,000. Marshall Wace LLP acquired a new stake in Mazor Robotics in the 2nd quarter valued at $240,000. Global X Management Co LLC raised its holdings in shares of Mazor Robotics by 19.7% during the second quarter. "The acquisition of Mazor adds robotic-assisted guidance systems to our expanding portfolio of enabling technologies, and we intend to further cultivate Mazor's legacy of innovation in surgical robotics with the site and team in Israel as a base for future growth.' This transaction builds on a relationship originated in May 2016 under a multi-phased strategic and equity investment agreement between Medtronic and Mazor". Nepsis Inc. now owns 102,560 shares of the medical instruments supplier's stock valued at $5,693,000 after purchasing an additional 1,408 shares during the period.

Acquisition to Accelerate Medtronic's Strategy to Transform Spinal Procedures and Improve Outcomes Through Fully-Integrated Surgical Solutions DUBLIN and CAESAREA, Israel - September 20, 2018 - Medtronic plc (NYSE:MDT), a global leader in medical technology, and Mazor Robotics (NASDAQ:MZOR, TASE:MZOR.TZ), a pioneer in the field of robotic guidance systems, today announced the companies have entered into a definitive merger agreement under which Medtronic will acquire all outstanding ordinary shares of Mazor for $58.50 per American Depository Share, or $29.25 (104.80 ILS) per ordinary share, in cash, for a total of approximately $1.64 billion, or $1.34 billion net of Medtronic's existing stake in Mazor and cash acquired. It develops computerized and imaging-based systems in the field of spine surgery. Over 200 of the company's robotic spinal surgery guidance systems are in use worldwide, helping surgeons accurately place implants in minimally invasive procedures.

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