Intuitive Surgical (ISRG), Fosun Pharma Establish JV Targeting Lung Cancer Diagnostic and Therapeutic Tools in China
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Intuitive Surgical, Inc. (NASDAQ: ISRG) and Shanghai Fosun Pharmaceutical (Group) Co., Ltd. “Fosun Pharma” (600196.SH), (HKSE: 2196), today announced a joint venture to research, develop, manufacture and sell innovative, robotic-assisted catheter-based medical devices.
The joint venture between Intuitive Surgical, the global leader in robotic-assisted minimally invasive surgery, and Fosun Pharma, a leading healthcare group strategically comprising the complete value chain, will initially produce products targeting early diagnosis and cost-effective treatment of lung cancer, one of the most commonly diagnosed forms of cancer in the world.
The technology will be used in robotic-assisted medical devices based on catheters, and incorporates proprietary intellectual property developed or owned by Intuitive Surgical. The joint venture will be registered in Shanghai, where it will perform research and development activities and manufacture catheter-based products for global distribution. Distribution in China will be conducted by the joint venture. Distribution outside of China will be conducted by Intuitive Surgical.
“We are excited to deepen our partnership with Fosun Pharma focused on delivering innovative healthcare solutions in China and around the world,” said Dr. Gary Guthart, President and CEO of Intuitive Surgical. “We are proud to make this important long-term commitment to China.”
The companies will contribute up to $100 million as required by the joint venture, an arrangement representing a significant expansion of Intuitive Surgical’s relationship with Fosun Pharma. Since 2011, Chindex Medical Limited, a subsidiary of Fosun Pharma, has been a distribution partner for Intuitive Surgical’s da Vinci Surgical Systems in China.
“We are pleased to expand our partnership and advance the development of medical tools to enhance the wellbeing of global populations, including those in China that suffer from increased rates of lung cancer,” Chairman of Fosun Pharma, Chen Qiyu said, “The cooperation will boost the development of Fosun Pharma’s medical device sector by integrating branding concept, matching resources and leveraging complementary advantages with Intuitive Surgical, so as to bring better medical tools for doctors.”
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