KARL STORZ closes acquisition of Asensus Surgical
The Senhance Surgical System is intended to keep time and cost per procedure comparable to traditional laparoscopies. | Source: Asensus Surgical
KARL STORZ Group today announced that its KARL STORZ Endoscopy America Inc. subsidiary has acquired all outstanding shares of Asensurs Surgical Inc. for 35¢ per share in cash. Asensus has developed digital laparoscopy systems.
“Asensus’ cutting-edge technology and expertise in robotic surgery complements our comprehensive portfolio of surgical solutions,” stated Karl-Christian Storz, CEO of KARL STORZ. “This enhances our portfolio and market presence, strengthening our position in the growing robotic and digital surgical market, particularly with the development of the next-generation LUNA system.”
“We are thrilled to welcome 200-plus talented Asensus team members into our company,” he added. “Together, we will revolutionize healthcare by delivering better outcomes for patients and surgical teams worldwide.”
Founded in 1945, KARL STORZ SE & Co. KG said it is an international leader in endoscopy. The Tuttlingen, Germany-based company, now in its third generation of family ownership, employs 9,400 people in more than 40 countries worldwide.
KARL STORZ’s portfolio includes 13,000 products for human and veterinary medicine, and it reported fiscal 2023 sales of €2.17 billion ($3 billion U.S.). The company has production sites in Germany, the U.S., Switzerland, and Estonia.
Asensus Surgical worked to make robot surgery accessible
Asensus Surgical has developed “intra-operative augmented intelligence technology” for use in operating rooms around the world. The Research Triangle Park, N.C.-based company, founded as TransEnterix, said its approach to digital laparoscopy is intended to make robot-assisted surgery more accessible.
It has developed the Senhance Surgical System and the Intelligent Surgical Unit (ISU) for Senhance. Asensus designed ISU as a real-time intraoperative surgical image analytics platform. It uses human-robot collaboration to help reduce surgical variability, said the company.
In February 2023, Asensus unveiled the LUNA integrated surgical system. It features a next-generation surgical platform and instruments, plus real-time intraoperative clinical intelligence. Its final component, a secure cloud platform, applies machine learning to deliver clinical insights.
In November, the company inked a manufacturing deal, but the U.S. Food and Drug Administration (FDA) ordered it to recall Senhance because of unintended movement.
Asensus said it was targeting 2025 for FDA clearance for LUNA. In January 2024, the company showed it to surgeons, conducting an in-vivo lab evaluation.
LUNA is currently under development and has not been submitted to the FDA or other global regulators for clearance. The system is not yet available for sale in any market.
Transaction took time
In June, Asensus Surgical agreed to be acquired by KARL STORZ. Asensus’ board unanimously approved the agreement.
However, with scrutiny over a lack of disclosures, the company pushed its planned special meeting of shareholders from Aug. 7 to Aug. 20. Ahead of the meeting, Asensus said it would file for bankruptcy protection if shareholders failed to approve the Karl Storz merger.
On Aug. 20, the number of shares represented in person or by proxy totaled about 161.4 million. That represented approximately 59.2% of the 272.6 million total shares outstanding and entitled to vote.
Asensus recorded more than 137 million votes in favor of the merger, with more than 23 million votes going against the resolution. The meeting tallied just over 1 million votes abstaining.
Stockholders also voted to approve certain compensation for executive officers in connection with the merger. That vote totaled nearly 124 million in favor, with 34 million against and around 3.5 million abstaining.
A third vote was not necessary because Asensus received sufficient votes to go through with the merger. Asensus Surgical filed an SEC Form 8-K to confirm that its shareholders voted to approve its planned merger with Karl Storz.
Jefferies LLC served as financial advisor to Asensus Surgical, and Ballard Spahr LLP served as legal counsel to Asensus Surgical. UBS Investment Bank served as financial advisor to KARL STORZ, and Ropes & Gray LLP served as legal counsel to KARL STORZ.
KARL STORZ welcomes surgical robots to its portfolio
KARL STORZ said it identified Asensus for acquisition because of its talent and technology.
“As a potential partner, Asensus turned out to be a perfect fit due to its similar philosophy and vision, and its experience in bringing its first-generation Senhance robot to market,” said the company. “Its second-generation LUNA System is also positioned to offer enhanced robotic precision, greater dexterity and a superior range of motion manipulation, which complements KARL STORZ’s advanced visualization capabilities.”
“We are thrilled to complete this merger with KARL STORZ, which marks an exciting new chapter for Asensus,” said Anthony Fernando, president and CEO of Asensus Surgical.
“By joining forces with a leading company in endoscopy that became a system provider for integrated MedTech, we are well-positioned to accelerate the development and delivery of our innovative robotic and digital surgical solutions,” he said. “This union will benefit patients and surgeons worldwide by advancing precise, safer, and more predictable surgical outcomes.”
Editor’s Note: This article was syndicated from The Robot Report sibling site MassDevice.
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