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Intuitive enters into extended license agreement with Hansen

Intuitive Surgical has agreed to pay $20m to acquire an extended license to certain patents in Hansen Medical's patent portfolio.

Under the terms of the agreement, Intuitive’s existing co-exclusive rights to Hansen’s patent portfolio to certain non-vascular approaches have been extended to include patents filed by Hansen to the original 2005 agreement up to and including the period three years subsequent to the update.

Hansen said it retains the right to use its intellectual property for all clinical applications.

In addition, Intuitive will purchase 5,291,005 shares of Hansen for $10m through a private placement transaction.

Hansen Medical president and CEO Bruce Barclay said the company views the transaction as a significant validation of its technology from the global pioneer in medical robotics.

"Importantly, the capital received as part of this agreement will further strengthen our balance sheet, with a significant portion of the new capital being non-dilutive to our current shareholders," Barclay added.

"Given our strategic focus on intravascular robotics, a large and growing market with a significant unmet clinical need, this capital will further support our global launch of the Magellan™ Robotic System."