2023-12-11 06:51:22 ET
Medtronic ( NYSE: MDT ) and Cosmo Intelligent Medical Devices, a unit of Irish drugmaker Cosmo Pharmaceuticals ( OTCPK:CMOPF ), agreed on Monday to expand their existing collaboration focused on AI-driven care.
The renewed partnership builds upon the companies’ partnership for the GI Genius module, an FDA-approved detection system that leverages artificial intelligence ("AI") to identify colorectal polyps.
“The GI Genius module, our first FDA-cleared AI product in gastrointestinal care, represents the initial milestone of this collaboration," Medtronic’s ( MDT ) chief technology officer, Ken Washington, remarked.
“Our expanded partnership with Cosmo is fostering a collaborative ecosystem where Medtronic's broad spectrum of medical expertise converges with Cosmo's technological prowess, creating a synergy that propels us forward,” he added.
Per the terms of the expanded deal, Medtronic ( MDT ) will pay Cosmo $100M upfront in addition to double-digit royalties on net sales. Cosmo will also be entitled to receive additional milestone payments worth $100M by the end of next year.
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Medtronic, Cosmo Pharma expand partnership for AI-driven care