The Telelap ALF-X device has CE Mark approval in the European Union for minimally invasive surgery procedures. Research Triangle Park, N.C.-based TransEnterix makes the SurgiBot robot-assisted surgery device. The deal included $25 million in up-front cash and some 15.5 million TRXC shares worth another $43.7 million, the companies said. Another $31.1 million (€27.5 million) is on the line in potential milestones, according to the companies.
The acquisition also includes a lock-up provision barring Sofar from selling its TransEnterix shares for a year.
“The combination of SurgiBot and ALF-X will allow TransEnterix to address a larger market opportunity with compelling patient, surgeon and hospital value,” president & CEO Todd Pope said in prepared remarks. “We believe this combination accelerates our commercialization timeline and revenue ramp as we can immediately begin selling the ALF-X in many markets globally.”
“We believe joining with TransEnterix will make our vision to create the next wave of robotic surgery a reality,” added Andrea Biffi, CEO of Milan-based Sofar. “Our decision to become a significant shareholder reflects our belief that the company has built a strong team and will execute on this compelling opportunity.”