Fosun Pharma and Intuitive Surgical Establish Joint Venture to Research, Develop, Manufacture and Sell Lung Cancer Diagnostic and Therapeutic Tools in China
Innovative tools to address significant need for early diagnosis and cost-effective treatment
of lung cancer
Shanghai, Septemeber 29, 2016 - Shanghai Fosun Pharmaceutical (Group) Co., Ltd. “Fosun Pharma” (stock code: 600196.SH, 02196.HK) and Intuitive Surgical SARL, a wholly-owned subsidiary of Intuitive Surgical, Inc. “Intuitive Surgical” (NASDAQ: ISRG) today announced a joint venture to research, develop, manufacture and sell innovative, robotic-assisted catheter-based medical devices for early-stage lung cancer diagnosis and treatment.
The joint venture between Fosun Pharma, a leading healthcare group strategically comprising the healthcare value chain and Intuitive Surgical, the global leader in robotic-assisted minimally invasive surgery with products covering North America, South America, Europe, Middle East, Australia and Asia market, will initially register the joint venture in Shanghai and produce products targeting early diagnosis and cost-effective treatment of lung cancer, one of the most commonly diagnosed forms of cancer in the world. Previously the cooperation between the two parties to agent surgical robots in China has yielded excellent results. “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 two parties 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 the United States, is the global leader in robotic-assisted, minimally invasive surgery. Intuitive Surgical develops, manufactures and markets the da Vinci® Surgical System.