TransEnterix acquires assets, intellectual property from MST Medical Surgery
TransEnterix announced that it has acquired substantially all of the assets of MST Medical Surgery Technologies. The addition of MST's technology, IP portfolio, and R&D team supports and accelerates TransEnterix's vision to leverage its Senhance Surgical System to deliver digital laparoscopy, thereby increasing control in the surgical environment and reducing surgical variability. TransEnterix acquired from MST substantially all of its assets, which includes technology and intellectual property, and will transfer MST's Israeli-based R&D team to a newly formed subsidiary, TransEnterix Israel. The transaction will be financed with a combination of cash and stock, delivered in two separate tranches. At the closing of the transaction, MST will receive approximately $5.8M in cash and 3,150,000 shares of TransEnterix common stock. The second tranche of $6.6M, payable in cash or stock, is to be paid within one year of closing. The timing and form of payment of the second tranche is at TransEnterix's sole discretion.