SUNNYVALE, Calif., Sept. 29, 2016 (GLOBE NEWSWIRE) -- 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.”
About Intuitive Surgical, Inc.
Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale, Calif., is the global leader in robotic-assisted, minimally invasive surgery. Intuitive Surgical develops, manufactures and markets the da Vinci® Surgical System.
About Fosun Pharma
Established in 1994, Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (“Fosun Pharma”); (600196.SH), (HKSE:2196) is a leading healthcare Group in the PRC. Fosun Pharma strategically covers important segments of the healthcare industry value-chain, including pharmaceutical manufacturing and R&D, healthcare services, medical diagnosis, medical devices manufacturing and agent, as well as pharmaceutical distribution and retail, making contribution to improving people’s health. Fosun Pharma maintains a National Recognized Enterprise Technology Centre and a highly capable international R&D team, focusing on innovation and research of therapeutic areas including cardiovascular system, central nervous system, blood system, metabolism and alimentary system, anti-infection and anti-tumor. With its commitment to innovation for good health and creating a better future, Fosun Pharma will continue insisting on the strategic development approach of “organic growth, external expansion and integrated development,” striving to be one of the leading enterprises in the global healthcare market.
About the da Vinci Surgical System
There are several models of the da Vinci Surgical System. The da Vinci Surgical Systems are designed to help surgeons perform minimally invasive surgery. da Vinci Systems are not programmed to perform surgery on their own. Instead, the procedure is performed entirely by a surgeon who controls the system. da Vinci Systems offer surgeons high-definition 3D vision, a magnified view, and robotic and computer assistance. They use specialized instrumentation, including a miniaturized surgical camera and wristed instruments (i.e., scissors, scalpels and forceps) that are designed to help with precise dissection and reconstruction deep inside the body.
Important Safety Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding joint venture activities including research and development, manufacture and distribution of catheter-based medical devices, the early diagnosis and cost-effective treatment of lung cancer, Intuitive Surgical’s commitment to China, da Vinci Surgical Systems as a driver for improved outcomes and the commencement of research and manufacturing operations and local hiring efforts. These forward-looking statements are necessarily estimates reflecting the best judgment of our management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These forward-looking statements should, therefore, be considered in light of various important factors, including those under the heading "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2015 as updated from time to time by our quarterly reports on Form 10-Q and our other filings with the Securities and Exchange Commission. Statements using words such as "estimates," "projects," "believes," "anticipates," "plans," "expects," "intends," "may," "will," "could," "should," "would," "targeted" and similar words and expressions are intended to identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law.
© 2016 Intuitive Surgical, Inc. All rights reserved. Product names are trademarks or registered trademarks of their respective holders.
PN 1028555 Rev A 9/2016GlobeNewswire
Last updated on: 01/10/2016
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