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Olympus Corp. buys Spirus Medical, merge technologies.

West Bridgewater, Mass.-based Spirus Medical has been acquired by Tokyo-based Olympus Corp. Financial terms of the deal, announced July 1, have not been disclosed.

The acquisition prompted the formation of a new company, Spirus Medical LLC, to continue distributing orders of endoscope insertion devices such as EndoEase Discovery SB and Endo-Ease Vista Retrograde over-tubes to existing customers until inventory is emptied. Inventory includes medical devices that aid endoscope insertion in upper and lower endoscopy, including a powered spiral device that uses a motor to aid endoscope insertion, as well as urologic and gynecologic devices. The company will operate as a wholly-owned subsidiary of Gyms ACMI Inc., a U.S.-based subsidiary of Olympus.

Spirus is one of at least five start-ups spun off from Stoughton, Mass.-based STD Med Inc. in the past 10 years. Spirus previously received financial backing from Cambridge's Bioventures Investors, Point Judith Capital and Village Ventures--all participated in 2007's Series B funding round.

Olympus plans to create new endoscopic systems that merge Olympus and Spirus technology.
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Title Annotation:Top of the News
Publication:Medical Product Outsourcing
Date:Jul 1, 2011
Words:171
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