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Assets sale

TransEnterix sells AutoLap image-based positioning system to GBIL

AutoLap is an image-based laparoscope positioning system

TransEnterix, a medical device company that is digitising the interface between the surgeon and the patient to improve minimally invasive surgery, has announced the sale of certain AutoLap image-based laparoscope positioning system (AutoLap) assets to Great Belief International Limited (GBIL), for total proceeds of US$47.0 million.

The total proceeds to be paid to the company for the AutoLap product and intellectual property assets is US$17 million, payable in the amount of US$5 million by 31 July 2019 and US$12 million by 30 November 2019. In addition, GBIL is making an equity investment of US$30.0 million in TransEnterix common stock at US$2.00 per share. As a part of the sale agreement, the company retains ownership of the broader intellectual property portfolio it acquired from Medical Surgery Technologies in October 2018, and will enter into a cross-license agreement with GBIL under which it gains a license to use the AutoLap-related IP sold, and grants GBIL a non-exclusive license to use additional IP in connection with the AutoLap.

“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," said Todd M. Pope, TransEnterix President and CEO. “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.”

AutoLap is an image-based scope positioning system used for traditional laparoscopic procedures. The Company acquired the AutoLap as part of the October 2018 acquisition of the assets of M.S.T. - Medical Surgical Technologies.

“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,” said Rachel Wang, President of GBIL.

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