US-based medical device company TransEnterix has completed the acquisition of the surgical robotics division of Italian healthcare firm Sofar for $99.8m.
Sofar has developed the Telelap ALF-X advanced robotic system for minimally invasive surgery, which has an active CE Mark.
Under the deal, TransEnterix acquired all intellectual property and other assets, employees and contracts related to the Telelap ALF-X robotic system.
TransEnterix paid $25m in cash to Sofar and offered $43.7m worth of shares of its common stock, based on the closing price of $2.81 as of 18 September.
The deal will also include the payment of $31.1m to Sofar in three additional tranches based on the achievement of negotiated milestones.
TransEnterix president Todd Pope said: "The combination of SurgiBot and ALF-X will allow TransEnterix to address a larger market opportunity with compelling patient, surgeon and hospital value.
"We believe this combination accelerates our commercialisation timeline and revenue ramp as we can immediately begin selling the ALF-X in many markets globally."
Telelap ALF-X, a next-generation robotic surgical system, was developed to carry out minimally invasive laparoscopic surgery.
The Telelap ALF-X system was developed by Sofar in collaboration with the European Commission's Joint Research Centre (JRC), which is a multi-port robotic system that provides surgeons with new technology such as eye tracking and haptics.
TransEnterix is also involved in the development and commercialisation of the SurgiBot system, a robotically enhanced laparoscopic surgical platform that enables the surgeon to be patient-side within the sterile field.
The company noted the SurgiBot system has not yet received approval for sale in any market.
In June, the company submitted a 510(k) application with US Food and Drug Administration (FDA) for clearance of the SurgiBot system.