Medtronic has entered a definitive agreement to expand its partnership with Cosmo Intelligent Medical Devices to further capitalize on the achievements of Medtronic's GI Genius intelligent endoscopy module.
The partnership will offer continued innovation and scalable healthcare advancements for patients and caregivers globally.
It reinforces Medtronic's commitment to AI-integrated health solutions and represents Medtronic's plan to continue incorporating AI into endoscopic care, according to a Dec. 11 press release.
The collaboration is currently focusing on the development of AI Access, a scalable platform designed to host multiple third-party AI applications to allow for streamlining of the AI development process.
The partnership is also focused on continually improving Medtronic's GI Genius modules, setting new benchmarks in healthcare efficiency, accuracy and patient impact.
Under the expanded agreement, Medtronic will pay Cosmo $100 million upfront and a double-digit royalty on net sales in addition to $100 million in potential milestone payments expected to be reached by the end of 2024.
Cosmo Pharmaceuticals will continue to be the exclusive manufacturer, granting Medtronic global commercial rights.