Israel-based Memic Innovative Surgery has agreed to combine with MedTech Acquisition Corporation, a special purpose acquisition company (SPAC) in a deal worth $1bn, to go public.

MedTech is focused on medical technology, including surgical robotics. Once the deal concludes, the combined company will run as Memic.

Memic offers the Hominis platform, which secured de novo marketing authorisation from the US Food and Drug Administration (FDA) for use in single-site and natural orifice laparoscopic-assisted transvaginal benign surgical procedures such as benign hysterectomy.

Hominis is claimed to be the first and only FDA-authorised surgical robotic platform, which features miniature humanoid-shaped robotic arms that offer human-level dexterity, multi-planar flexibility and 360 degrees of articulation to reach the full surgical site.

In addition, the platform’s small, compact and mobile design is said to provide a minimal footprint, with simple docking and a short setup time for surgeons.

The firm also aims to extend within women’s health area and other areas such as general, colorectal, thoracic, transoral and transrectal surgeries.

Memic co-founder and CEO Dvir Cohen said: “Our partnership with the MedTech team, which provides decades of collective experience in surgical robotics, is an important step in bringing our advanced technology to medical facilities and patients across the United States and the world.”

The combined entity’s estimated cash balance will include MedTech’s $250m cash, $76m from the private placement of ordinary shares with investors (PIPE) and $63m from the current balance sheet of Memic.

The PIPE is led by various investors, including Bridger Healthcare, The Kraft Group, Monashee Investment Management, and Pura Vida Investments, among others.

Upon completion of the transaction, Memic’s security holders are expected to own approximately 61.6%, MedTech stockholders 24.7%, PIPE investors 7.5%, and MedTech’s sponsor 6.2% of the combined company.

Subject to the approval of the stockholders of Memic and stockholders of MedTech and the satisfaction or waiver of other customary conditions, the business combination is expected to be completed in the fourth quarter of this year.