TransEnterix To Sell AutoLap Assets To Great Belief

TransEnterix, a US-based medical device company, has announced the sale of certain AutoLap image-based laparoscope positioning system assets to Great Belief International Limited (GBIL) for $47m (£37.5m).

TransEnterix is medical device company focused on improving minimally invasive surgery, and GBIL is a BVI based company engaged in investment and asset management in the healthcare industry.

For the sale of AutoLap product and intellectual property assets, TransEnterix is expected to receive transaction proceeds totalling $17m (£13.5m), to be paid in the amount of $5m (£4m) by July 31, 2019 and $12m by November 30, 2019.

In addition, GBIL would make an equity investment of $30m (£24m) in TransEnterix common stock at $2 per share, payable on or before 30 September 2019.

TransEnterix president and CEO Todd M. Pope said: “AutoLap has a track record of success with laparoscopic surgeons across a wide variety of procedures around the globe. GBIL has been a great partner for us in the past, and we believe they will be successful in bringing the benefits of the AutoLap product to the greatest number of laparoscopic surgeons worldwide.

“This divestiture aligns with our continued focus on commercializing the Senhance Surgical System platform and progressing digital laparoscopy, while securing additional funds for our operations.”

In October 2018, TransEnterix acquired the AutoLap along with other assets from MST- Medical Surgical Technologies. AutoLap is an image-based scope positioning system used for traditional laparoscopic procedures.

As a part of the transaction agreement with GBIL, the company intends to retain ownership of the broader intellectual property portfolio it acquired from MST.

In addition, it is planning to sign a cross-license agreement with GBIL in order to gain a license to use the AutoLap-related IP sold, and grant GBIL a non-exclusive license to use additional IP in connection with the AutoLap.

GBIL president Rachel Wang said: “We see a tremendous commercial opportunity for the AutoLap System and are extremely enthusiastic to work with TransEnterix to bring this product to China along with the rest of the world.” – NS Medical Devices

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