par Olga Deshchenko
, DOTmed News Reporter | July 06, 2011
The Olympus Corporation said Monday it acquired all shares of Spirus Medical, Inc., a manufacturer of endoscope insertion devices based in Stoughton, Mass.
The acquisition cost Olympus approximately $60 million, (as earn-out payments will be paid when mutually agreed technical and clinical goals are achieved), Megan Longenderfer senior manager, public relations & brand marketing, Medical Systems Group with Olympus, told DOTmed News by e-mail.
By combining the technologies of the two companies, Tokyo-based Olympus plans to develop new endoscopic systems.
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"Spirus is highly complementary to the Olympus portfolio of endoscopic devices," Longenderfer said. "The combination of Olympus' world renowned endoscope technology and Spirus' technological proficiencies in developing devices which aid in the insertion and advancement of endoscopes for upper and lower endoscopy will support Olympus' strategy of exploring new innovations for future generations of endoscope products."
In 2005, Spirus Medical developed manual rotation devices that were used with a conventional endoscope. In 2010, the company created a powered spiral endoscope insertion technology with a motor, which is incorporated into the insertion tube of endoscopes.
The technology's rotatable soft spiral allows for faster and deeper insertion of endoscopes compared to traditional endoscopes, according to the release on the announcement.
Olympus also acquired all of Spirus' intellectual property related to the designs of the various spiral endoscope insertion technologies, Longenderfer said.
Spirus will join Olympus as a consolidated subsidiary and will be renamed Olympus Endo Technology America Inc.