Olympus joined forces with Revival Healthcare Capital in July to launch Swan EndoSurgical, a new company focused on developing robotic technology that could transform gastrointestinal care.
Here are five things to know about the deal:
1. Swan EndoSurgical aims to create a minimally invasive, endoluminal platform that can navigate the GI tract like an endoscope, but with the added precision of deployable robotic arms, according to a July news release.
2. Tokyo-based Olympus and the Texas-based Revival have committed an initial $65 million to the new company. That figure could rise to as much as $458 million if Swan meets a series of development milestones.
3. Revival will maintain majority control, while Olympus will hold a significant equity stake and contribute its visualization and GI endoscopy expertise.
4. Swan EndoSurgical will be headquartered in Boston, with a technology center based in Cambridge, U.K. The company has already assembled a leadership team of experienced medtech professionals to drive its clinical, technical and commercial strategy.
5. Under the terms of the agreement, Olympus has the option to acquire Swan at a predetermined valuation if the startup achieves its milestones, according to the release. Should Olympus choose not to exercise that option, Revival will retain ownership.
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