Italian robotics maker Health Robotics was in danger of a hostile takeover until Tosho Inc. acquired an undisclosed minority stake of stock from the company’s original founders, allowing Health Robotics to repel takeover attempts and retain its independence.
Along with continuing exclusive Japanese distribution of Health Robotics’ products, Japan-based Tosho Inc. will be involved in the company’s global strategic plans and sales management.
Tosho Inc.’s vice president & CEO Yoshihito Omura will join Health Robotics’ board of directors.
"I look forward to providing support, encouragement and guidance to the company’s two key executives and fellow Board Members Fabio Fioravanti and Gaspar DeViedma, while continuing to admire Health Robotics’ creativity, research and development speed, and its unprecedented global market success, having won every I.V. Robot announced purchase over the past 21 months," stated Omura in prepared remarks.
McKesson sued Health Robotics in February in a effort to spike its exclusive $5 million U.S. distribution agreement for the Italian firm’s CytoCare robot. After spending more than $6.9 million on the deal (including $3.6 million in licensing fees paid to Health Robotics), McKesson discovered that Health Robotics did not have the authority to ink an exclusive deal, according to court documents.
Judge Joseph Spiro of the U.S. District Court dismissed the case August 2, ruling that the contract’s arbitration clause takes precedence over McKesson’s right to sue over the deal (the case is slated to be decided by an arbitrator in Geneva, Switzerland).
The McKesson lawsuit came shortly after Health Robotics re-entered the Italian market in February after a 3-year absence in connection with a prior agreement with Gruppo Loccioni.