KARL STORZ to Acquire Asensus Surgical for $0.35 per Share

What You Should Know: 

Asensus Surgical, Inc. (NYSE American: ASXC), a leading developer of digital surgical technologies, announced today it has entered into a definitive merger agreement with KARL STORZ Endoscopy-America, Inc., a subsidiary of the global medical technology company KARL  STORZ SE & Co. KG.

– Asensus Surgical is a pioneer in digital surgery, developing the first intra-operative Augmented Intelligence technology approved for global use. Their LUNA system, currently in development, represents the next generation of surgical technology.

Terms of the Agreement

Under the terms of the agreement, KARL STORZ will acquire all outstanding shares of Asensus Surgical for $0.35 per share in cash. This represents a premium of approximately 67% compared to the closing price on April 2nd, 2024, the day before a potential transaction was announced, and a 52% premium over the most recent closing price. The transaction has been unanimously approved by Asensus’ Board of Directors.

Benefits of the Merger

The acquisition will enhance KARL STORZ’s presence in the growing robotic surgery market, particularly with the development of Asensus’ next-generation LUNA system. Asensus Surgical’s innovative digital solutions for the operating room complement KARL STORZ’s existing portfolio of medical technologies.

Transaction Timeline

Asensus Surgical will work to secure stockholder approval and close the transaction in the third quarter of 2024, subject to customary closing conditions. Upon completion, Asensus Surgical will become a subsidiary of KARL STORZ Endoscopy-America and will be delisted from the NYSE American Exchange.

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