Intuitive Surgical Inc. (Nasdaq: ISRG) is acquiring Luna Innovations Inc.’s (Nasdaq: LUNA) shape-sensing technology for medical applications.
Sunnyvale, Calif.-based Intuitive is buying Luna’s fiber optic shape-sensing and localization technology, which uses minimally invasive fiber that can be used to monitor 3D shapes. The buyer develops technology for robot-assisted minimally invasive surgery.
The purchase price could be as much as $30 million. Luna will receive a $12 million cash payment upfront, and then potentially an additional $18 million reliant upon certain technical milestones and commercial measures.
Luna, headquartered in Roanoke, Va., develops and manufactures products for the telecommunications, aerospace, automotive, energy and defense markets. The sale will allow Luna to focus on developing its fiber optic sensing business, while improving the company’s balance sheet.
Similar deals include AtriCure Inc’s January purchase of Endoscopic Technologies Inc., which develops surgical devices used in minimally invasive procedures, and Stryker Corp.’s (NYSE: SYK) December acquisition of Patient Safety Technologies Inc.