KARL STORZ SE & Co. KG entered into an agreement to acquire Asensus Surgical, Inc. for $100 million.
April 02, 2024
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KARL STORZ SE & Co. KG entered into an agreement to acquire Asensus Surgical, Inc. (NYSEAM:ASXC) for $100 million on March 28, 2024. As part of consideration, KARL STORZ SE & Co. will pay $0.35 in cash for each share of Asensus Surgical. If the proposed transaction is consummated, Asensus will cease to be a publicly traded company. The Bridge Loan will enable Asensus to receive a loan of up to $20 million from KARL STORZ to support the Company?s operations through the exclusivity period. The transaction is subject to, among other conditions, completion of due diligence by KARL STORZ, negotiation of a definitive merger agreement, a recommendation by the Transaction Committee and approval by the Board of Directors and stockholders of Asensus Surgical, and other customary closing conditions to be included in the definitive merger agreement, if any. If negotiations are terminated during the exclusivity period, or, if entered into, the definitive merger agreement is terminated, KARL STORZ will cease to provide any additional bridge financing and the Asensus Surgical will be required to repay the Bridge Loan to KARL STORZ within a prescribed period.
Jefferies LLC acted as financial advisor to Asensus Surgical.
Asensus Surgical, Inc. is a medical device company digitizing the interface between the surgeon and patient to reimagine surgery through Performance-Guided Surgery to enable surgeons to deliver outcomes to patients and establish a new standard of surgery. It operates in one business segment, which is the research, development and sale of medical device robotics to improve minimally invasive surgery. It is developing the LUNA Surgical System, a robotic and instrument system as a foundation of its Digital Surgery solution. These systems shall be powered by the Intelligent Surgical Unit to enhance surgeon control and reduce surgical variability. With the addition of machine vision, Augmented Intelligence, and deep learning capabilities throughout the surgical experience, it intends to holistically address the clinical, cognitive and economic shortcomings that drive surgical outcomes and value-based healthcare. It is also working to incorporate all of this in the LUNA Surgical System.
ASENSUS SURGICAL, INC. 
