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.
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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.
