Surgical robot company Mazor and Medtronic reached a strategic cooperation

Israeli surgical robot company Mazor Robotics announced today that it has signed two phased cooperation agreements with its US medical device manufacturer Medtronic (NYSE: TDM) for its robot-assisted spinal surgery technology, including a joint promotion agreement and an equity investment. protocol. In the equity investment agreement, Medtronic contributed $42 million to Mazor, representing 15% of the shares.

Mazor, based in Caesarea, Israel, said that in the first phase of the cooperation, Medtronic will acquire 15 systems from Mazor this year. In addition, Medtronic will also have the only partnership with Mazor in the development and commercialization of robot-assisted spinal surgery equipment. Mazor said that it has long worked with Medtronic on the development of “synergy” spine products and will work closely together to meet specified sales targets through a clear approach.

If the two parties successfully complete the first phase of cooperation in accordance with the agreement before the end of 2017, the second phase of cooperation can begin. The second phase of the cooperation involved Medtronic’s three-part equity investment in Mazor:

First equity investment: Medtronic will pay $1 million to Mazor with a 4% stake.

Second equity investment: If Mazor develops to a certain stage according to the agreement, Medtronic will purchase 6% of its shares on the average price of Mazor for 20 days.

Third equity investment: After the end of the second phase and after the implementation of a global distribution agreement (Mazor has discretion for the agreement), Medtronic will also purchase another 5% of the shares, also with an average share price within 20 days.

“The structural characteristics of this commercial agreement are very important to our customers and shareholders. New project development will bring a new source of revenue for Mazor. At present, the main income is fixed equipment, service agreements and disposables. On the basis of this, it can bring more than expected growth. The synergy between the teams will also give Mazor more operational efficiency.” Mazor CEO Ori Hadomi wrote in a prepared speech.

Mazor revealed that it plans to remain independent and still sell its Renaissance robot-assisted surgical platform to the market.

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