The deal is expected to provide nearly $220m in gross proceeds to fund the further development of Vicarious Surgical’s single-incision surgical robot that helps surgeons to perform minimally invasive surgery
Combined company will be renamed as “Vicarious Surgical Inc.”(Credit: Gerd Altmann/Pixabay)
US-based next-generation robotics technology company Vicarious Surgical announced that its business combination with D8 Holdings has received approval from the latter’s shareholders.
In April this year, Vicarious Surgical entered into a business combination agreement with special purpose acquisition firm D8 Holdings in a deal worth $1.1bn.
Based in Waltham of Massachusetts, Vicarious Surgical is involved in the development of disruptive technology to enhance the efficiency of surgical procedures, improve patient outcomes and reduce healthcare costs.
The business combination, which is expected to be completed on 17 September, is anticipated to offer around $220m in gross proceeds to advance Vicarious Surgical’s robotic technology, clinical programmes, and strategic business initiatives.
Upon the completion of the deal, the combined company will be renamed Vicarious Surgical.
Vicarious Surgical CEO and co-founder Adam Sachs said: “Today’s vote approving our business combination is an exciting and important milestone on our path to challenge the complexity and limited adoption of robotic surgery with a system designed to provide improved access, surgical capability, and visualization to patients and providers in both the U.S. and international markets.
“We look forward to transforming the future of surgical robotics, with our company backed by global institutional support, multiple large-scale strategic partners, and investment from distinguished healthcare executives with deep experience in driving surgical robotic adoption.”
The funds resulting from the combination is expected to facilitate further development and planned commercialisation of Vicarious Surgical’s single-incision surgical robot, which virtually transports surgeons inside the patient to conduct minimally invasive surgery.
Vicarious Surgical stated it believes that the Vicarious System is the first surgical robotic system to secure breakthrough device designation from the US Food and Drug Administration (FDA).
Multiple strategic investors, including BD, surgical robotics pioneer Roberta Lipson, founder of United Family Healthcare and its predecessor Chindex International and CEO of New Frontier Health, have funded a total of $142m to support the transaction.
Credit Suisse served as lead financial advisor to Vicarious Surgical, while Credit Suisse and ICBC served as joint placement agents in the private offering.