Johnson & Johnson to Acquire Remaining Stake in Digital Surgery Platform Verb Surgical

VCBeat (WeChat ID: vcbeat) learned from foreign media reports that on December 20, 2019, Johnson & Johnson announced it had reached an agreement to acquire the remaining equity stake in Verb Surgical, a digital surgery platform. The financial terms of the acquisition were not disclosed.

This acquisition follows the strategic partnership between Johnson & Johnson and Verily (Verily Life Sciences), a subsidiary of Alphabet. Subject to antitrust clearance and customary closing conditions, the transaction is expected to be completed in the first half of 2020.

It is reported that earlier this year (February 2019), Johnson & Johnson completed the acquisition of endoscopic robotics manufacturer Auris Health for $3.4 billion. The company is developing a robot-assisted platform for total and partial knee replacement surgeries.

Verb Surgical was founded in 2015, with its headquarters located in Mountain View, California, USA. The company is dedicated to building a digital surgery platform that integrates robotics, advanced visualization technology, advanced instruments, data analytics, and connectivity.

Upon completion of this acquisition, Verb Surgical’s world-class robotics technology and data science capabilities will be combined with Johnson & Johnson’s leadership in healthcare and global reach, further advancing Johnson & Johnson’s medical vision of making medical interventions smarter, less invasive, and more personalized.

Regarding the acquisition agreement reached this time, Verily CEO Andrew Conrad stated, “With an ambitious mission, we aim to create a transformative surgical platform by successfully coordinating the resources and expertise of both companies. The progress of this collaboration is a recognition of this mission, and I am confident in the development of this platform at Johnson & Johnson.”

Johnson & Johnson Chairman Ashley McEvoy stated, “Thanks to the progress made by the Verb Surgical team on its digital surgery platform, and through close collaboration with Verily, Ethicon, and clinicians worldwide, our clinical expertise and capabilities have been further enhanced. We are building a distinctive digital surgery ecosystem to transform the standard of medical care for future generations.”

Johnson & Johnson is the world’s most comprehensive and widely distributed manufacturer of healthcare products and provider of health services. Founded in 1886, the company’s products are sold in 175 countries and regions, with its production and sales spanning multiple sectors, including consumer care products, pharmaceuticals, and medical devices and diagnostics.

Verily (Verily Life Sciences), founded in 2015, is a developer of hardware and software in the healthcare sector. The company’s first product was a smart contact lens designed to monitor blood glucose levels. Verily has since launched multiple medical initiatives, including a specialized spoon for patients with Parkinson’s disease. Verily is currently categorized under Alphabet’s Other Bets segment.

(Compiled by Wang Fang)