Minneapolis-based Medtronic will invest an additional $20 million in Mazor Robotics — an Israeli med-tech company that released a new robotically assisted spine surgery system on Tuesday, according to StarTribune.
Mazor signed commercial agreements with Medtronic last May, giving Medtronic exclusive distribution rights for new Mazor spine products in exchange for roughly $52 million in total potential investment.
In the first stage of the investment, Medtronic paid $11.9 million for 4 percent of Mazor's shares.
Mazor's launch of the new Mazor X System will trigger Medtronic's second-stage investment of up to $20 million.
The third stage of investment, also reaching a potential of $20 million, is contingent upon several terms, including the establishment of a global distribution agreement between the two companies.
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