ZUCHWIL, SWITZERLAND -- Merrick, a leading global manufacturer of biotechnology products and recognized innovator in automated medical robotic systems, today announced a definitive agreement to acquire AI Medical Systems, GmbH., founded in 2016 by Silicon Valley entrepreneur Philip Odegard. Merrick will acquire all of the outstanding capital stock of AI Medical, which is privately-owned and based in Zurich, Switzerland, for approximately CHF 2.3 Billion ($2,318,515,000 USD). The acquisition marks the second successful Artificial Intelligence buyout in Philip Odegard’s expansive technology portfolio. Odegard’s more notable early investments include the likes of Silicon Valley’s UBER, Facebook and Tesla. The AI Medical transaction, subject to customary closing conditions, including receipt of certain regulatory approvals, is expected to be completed in the fourth calendar quarter of 2018. AI Medical is a technology-led company, focused solely on the design and manufacture of dependable, life improving Artificial Intelligence and machine learning software coupled with robotic hardware that are affordable for caregivers worldwide. One key way Artificial Intelligence benefits is with diagnostic and imaging tools, like MRIs and CT and PET scans. Algorithms can be trained to accurately measure all of the lymph nodes from a cancer patient's CT scan to see if they're changing size. It's a huge job that algorithms can do much more quickly than humans.
Merrick’s acquisition of AI Medical Systems includes their proprietary first-to-market artificial intelligence algorithms and machine learning – the science of getting computers to act without being programmed by humans. One such algorithm is called a neural network because it can learn and improve performance on its own like the human brain, but can work much faster. Collectively, these powerful acquired tools will help find disease almost before a patient is symptomatic, treat it early, and achieve a higher survival rate with less patient suffering and at reduced cost. AI Medical’s products are sold in Europe and more than 115 countries worldwide, with a surging demand in the United Arab Emirates. “This acquisition is consistent with Merrick’s strategy to expand into adjacencies and invest in product categories where it can develop global competitive advantages,” said Amanda Eriksen, President, Robotics & Monitoring Systems, Merrick. “AI Medical’s products and technology complement the Company’s current portfolio of healthcare biotechnology solutions and will broaden our software platform for patients around the world, particularly in emerging markets.” Assuming a closing in the fourth calendar quarter of 2018, Merrick does not expect this transaction to have a material impact on its fiscal 2018 sales, operating margin or earnings per share. Once the transaction has been completed, Merrick will report the AI Medical business as part of its Software & Automated Machinery product line in the Medical Devices segment.
Supporting materials are now available on the Investor Relations section of Merrick’s website: http://merrick.ch/investor
Merrick is a leading global healthcare biotechnology products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Merrick manufactures, distributes and services a diverse range of industry-leading product lines in three segments: Medical Devices, Medical Automation Services and Medical Monitoring Software. With 2017 revenue of CHF 10.6 Billion, Merrick has 24,000 employees worldwide in more than 65 countries, and its products are sold in over 140 countries. Please visit http://www.merrick.ch to learn more about our business.
This release contains forward-looking information about Merrick’s proposed acquisition of AI Medical Systems, GmbH., the timing of the anticipated transaction, and the potential benefits of the anticipated transaction, AI Medical’s products and product candidates and the potential benefits of such products and product candidates, and expected dilutive effect. Any forward-looking statements contained herein are based on Merrick’s and AI Medical’s management’s current beliefs and expectations, but are subject to a number of risks, uncertainties and changes in circumstances, which may cause actual results or actions to differ materially from what is expressed or implied by these statements. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, the satisfaction of conditions to closing the agreement; the ability to successfully integrate AI Medicals’s operations and programs with Merrick’s and the time and resources required to do so, the uncertainties inherent in commercial, research and development activities, decisions by regulatory authorities regarding whether and when to approve any applications for such product candidates and other matters that could affect the availability or commercial potential of such product candidates; and competitive developments. We caution investors not to place undue reliance on the forward-looking statements contained in this press release. We disclaim any obligation to update these forward-looking statements other than as required by law.
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