Olympus, Revival Healthcare partner to start GI robotics firm
Dive Brief:
Olympus said Friday it is partnering with Revival Healthcare Capital to develop a robotic system initially focused on gastrointestinal treatments.
Tokyo-based Olympus and Austin, Texas-based Revival have agreed to found Swan EndoSurgical and will jointly invest up to $458 million to develop the robotic platform. Revival said it is taking a majority equity stake in the startup, and the structured investment gives Olympus an option to acquire Swan.
Medtech trade group AdvaMed said the unique deal between two of its members — co-founding a third company to develop a specific medical technology — will bolster medtech's already strong manufacturing and research and development presence in the U.S.
Dive Insight:
Gastroenterologists perform endoscopic procedures such as cancer resection by inserting instruments through a natural orifice, but manual endoscopes have limitations that make many advanced procedures within the GI tract challenging and not widely available globally, according to Olympus.
Boston-based Swan, which also has a technology center in Cambridge, U.K., aims to develop an endoluminal robot with flexible arms for maneuvering within the GI tract to treat lesions or tumors. The goal is to offer patients safer and more effective treatment, with faster recovery times, according to Olympus.
Bob White, the former president of Medtronic's medical surgical business who stepped into Olympus' CEO role on June 1, said the collaboration with Revival is expected to help reshape the GI market by expanding physicians' procedural capabilities.
'This will allow the delivery of transformative, organ-sparing care that enhances outcomes for a broad patient population,' White said in a statement.
The technology also has the potential to be applied in other disease areas, Olympus said.
Olympus will take a 'significant equity stake' in Swan with a combined initial investment of at least $65 million. Total combined funding could reach $458 million if pre-agreed milestones are met, according to the announcement.
Revival, a medtech-focused investment firm that is also a backer of surgical robot company Distalmotion, said the deal gives Olympus an option to acquire Swan at a predetermined value, while Revival has protective rights if Olympus chooses not to exercise the option.
In welcoming the formation of Swan, AdvaMed CEO Scott Whitaker said the new company will bring good jobs to the U.S. 'This is a good sign that the medtech ecosystem is getting stronger,' said Whitaker.
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