Under the expanded partnership, Medtronic will make an upfront payment of $100m to Cosmo, and pay double-digit royalty payments on net sales, in addition to the potential milestone payments of up to $100m, which is expected by the end of 2024
Medtronic GI Genius intelligent endoscopy module. (Credit: Medtronic)
Healthcare technology company Medtronic has expanded its existing partnership with Cosmo Intelligent Medical Devices, a subsidiary of Cosmo Pharmaceuticals, to advance endoscopy.
Medtronic and Cosmo previously partnered for the GI Genius intelligent endoscopy module.
The expanded, exclusive global partnership aims to advance endoscopy by harnessing the power of AI technology to improve patient outcomes.
Under the terms of the expanded agreement, Medtronic will make an upfront payment of $100m to Cosmo, along with a double-digit royalty on net sales.
In addition, the medical device maker will pay up to $100m in potential milestone payments, expected by the end of 2024.
Cosmo Pharmaceuticals will continue as the exclusive manufacturer and grant Medtronic exclusive, global, commercial product rights.
Cosmo Pharmaceuticals CEO Alessandro Della Chà said: “Our continued partnership with Medtronic, the largest medtech company in the world, is pivotal in further enabling the GI Genius platform to offer enhanced AI solutions and improved clinical outcomes to patients globally.”
Cosmo Pharmaceuticals non-executive director and chairman Mauro Severino Ajani said: “Our collaboration and enduring commitment to bringing AI advancements to the forefront of healthcare has culminated in exceptional know-how within our company.
“This marks just the beginning of a remarkable journey, as our collective expertise in AI continues to transform the future of healthcare.”
The expanded collaboration will focus on AI platforms that host multiple third-party applications to enable rapid innovation and streamline AI development across medical AI applications.
Medtronic said the AI-driven partnership will strengthen its position in AI-integrated healthcare solutions and represents a significant step in bringing AI into endoscopic care.
Also, it represents an advanced approach to healthcare and enables a wider spectrum of diagnostic tools and treatment options, said the healthcare technology company.
Medtronic chief technology officer Ken Washington said: “Our alliance with Cosmo Pharmaceuticals is a testament to what can be achieved when two leaders in their fields unite for a common goal: transforming healthcare through AI.
“Our expanded partnership with Cosmo is fostering a collaborative ecosystem where Medtronic’s broad spectrum of medical expertise converges with Cosmo’s technological prowess, creating a synergy that propels us forward.”
The GI Genius module is a computer-aided polyp detection system powered by AI, which has already made a significant impact since it was launched in the US in 2021.
The platform improved gastrointestinal screening to increase the physician’s adenoma detection rate by 14%, supporting the gastroenterologists who perform colonoscopies.
The synergy between Cosmo’s advanced AI technology and Medtronic’s market development expertise is expected to create a powerful partnership.
Medtronic chairman and CEO Geoff Martha said: “Our expanded partnership with Cosmo Pharmaceuticals is a strategic milestone in our mission to leverage AI for enhanced patient care.
“This aligns with our business objectives to provide cutting-edge tools to our customers while also elevating patient care standards in the fight against gastrointestinal diseases.”