Olympus and private equity firm Revival Healthcare Capital have co-founded a new endoluminal robotics startup named Swan EndoSurgical Robotics.
Swan will focus on developing an endoluminal surgical robotics platform for treating lesions or tumours in the gastrointestinal (GI) tract.
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The companies stated that Swan aims to develop a system that improves minimally invasive options for treatments such as cancer resection by overcoming the “ergonomic limitations” of manual endoscopy.
Olympus and Revival have made a joint initial $65m investment in Swan that could rise up to $458m if certain pre-agreed milestones are met. Revival holds a majority stake in the startup which is structured under a ‘build to buy’ agreement, giving Olympus an option to acquire Swan at a predetermined value in the future, with Revival holding protective rights if the Japanese company chooses not to exercise this option.
According to Revival, the arrangement allows Swan to benefit from the “innovation culture, speed and cost efficiencies” of a startup while aligning incentives for Olympus to develop a solution that complements its innovation pipeline.
Revival chairman Rick Anderson said: “We believe Olympus’ strategic decision to leverage external innovation in partnership with Revival can create a competitive advantage for Swan and Olympus as the ultimate owner in the future.”
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By GlobalDataHeadquartered in the US, a leadership team comprised of experienced industry professionals has been established to drive Swan from its clinical development stages towards commercialisation.
Olympus president and CEO Bob White commented: “Our collaboration with Revival reflects our dedication to external innovation and our strategic focus on expanding the role of robotics in surgery.
“We believe this partnership will accelerate the development of transformative solutions that address unmet clinical needs.”
According to a GlobalData market model, the overall global robotic surgical systems market is growing at a compound annual growth rate (CAGR) of 12.1% and projected to reach a valuation of $9.2bn by 2034, up from $2.9bn in 2024.
Intuitive Surgical’s market leading da Vinci robot dominates the robotic surgery market, with a global market share of over 60%.
However, the endoluminal surgical robotics segment is currently smaller than the broader general robotic surgery market. There are currently three US Food and Drug Administration (FDA)-cleared endoluminal systems – Medrobotics Flex Robotic system for transoral procedures in the mouth and throat, Intuitive Surgical’s Ion system for minimally invasive biopsy in the peripheral lung, and Auris Health’s Monarch system for bronchoscopy procedures.
Johnson and Johnson (J&J) acquired Auris in a $3.4bn cash deal in 2019. In 2024, EndoQuest Robotics won an investigational device exemption (IDE) from the FDA for its Endoluminal Surgical (ELS) System designed to address challenges in endoscopic submucosal dissection procedures.
