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UK Medical Robotics Group CMR Surgical plots its launch in the US, the world’s largest surgical market, and is being sold on sale in search of a valuation of up to $4 billion.
Cambridge-based CMR, a success story for the UK life sciences sector, has hired advisors in recent weeks to begin work on a sales process that is likely to attract attention from large strategic buyers.
Founded in 2014, CMR competes with large US rivals such as intuitive surgical surgeries for a slice of Surgical Robotics Market, which is expected to generate $12.8 billion in global sales this year, according to an analysis by management consultant Oliver Wyman.
CMR launched its first product in 2019, a small portable robot called Versius that can be moved between operating rooms. The company said Versius was used in more than 30,000 surgical cases in more than 30 countries.
Earlier this year, CMR raised $200 million at a $3 billion valuation from existing supporters, including SoftBank, Ally Bridge Group and Tencent, to fund the deployment of Versius in the US. The product was approved by the US Food and Drug Administration last October for use in gallbladder removal surgery. GE Healthcare’s venture capital arm is also one of the investors.
There was no guarantee that CMR surgery would be sold, as investors might hold the company instead, people warned. CMR declined to comment.
Rather than growing into a large, independent UK company, the UK government is looking for ways to encourage investment in the life sciences sector where startups are often sold to foreign buyers, creating potential sales.
Many hospitals outside the US are slow to choose the use of surgical robots due to the cost of the machine, but have gained traction for use in certain gynecological and urological surgeries.
