Robotic surgery leader Intuitive Surgical is teaming up with its Chinese distribution partner Fosun Pharma on a joint venture to develop and market robotic-assisted, catheter-based medical devices.
The companies will pitch in up to $100 million for the JV, which will be registered in Shanghai, according to a statement. It will initially focus on devices to help in the early diagnosis of and cost-effective treatment of lung cancer, the companies said. The JV will distribute the devices in China, while Intuitive will handle distribution elsewhere.
Intuitive Surgical is the leader in minimally invasive, robotic-assisted surgery and has worked with Fosun subsidiary Chindex Medical since 2011, when the latter started distributing Intuitive’s da Vinci surgical systems in China.
Meanwhile, Fosun Pharma covers several segments of the healthcare industry, including pharma manufacturing, diagnostics, devices and pharma distribution and retail. Its R&D efforts span multiple therapeutic areas, such as the cardiovascular and central nervous systems, metabolism and the anti-infection and antitumor disciplines. The JV will bolster Fosun’s medical device segment, said Chen Qiyu, Fosun Pharma chairman, in the statement.
“We are excited to deepen our partnership with Fosun Pharma focused on delivering innovative healthcare solutions in China and around the world,” said Intuitive CEO Gary Guthart, in the statement. “We are proud to make this important long-term commitment to China.”