Cosmo Pharmaceuticals And Medtronic Forge Ahead In AI-Driven Care; Agreement Expands Partnership Between Cosmo Pharmaceuticals And Medtronic, Set To Transform Endoscopy With Cutting-Edge AI Technology
Portfolio Pulse from Benzinga Newsdesk
Cosmo Pharmaceuticals' subsidiary, Cosmo Intelligent Medical Devices, has expanded its partnership with Medtronic (NYSE:MDT) to advance AI-driven endoscopic care. The collaboration builds on the success of the GI Genius module, an AI-powered polyp detection system, and introduces the AI Access platform for hosting multiple AI applications. Medtronic will pay Cosmo $100 million upfront, royalties on net sales, and up to $100 million in milestone payments by the end of 2024. Cosmo remains the exclusive manufacturer, while Medtronic gets exclusive global commercial rights.
December 11, 2023 | 2:58 pm
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Medtronic's expanded partnership with Cosmo Pharmaceuticals emphasizes its commitment to AI in healthcare, potentially enhancing its product offerings and market position in AI-integrated solutions.
The expanded partnership with Cosmo Pharmaceuticals is likely to have a positive short-term impact on Medtronic's stock price. The agreement not only reinforces Medtronic's commitment to AI in healthcare but also promises to enhance its product offerings and market position in AI-integrated solutions. The financial commitment of $100 million upfront and potential milestone payments signal a strong investment in this area, which could be viewed favorably by investors. The partnership's success with the GI Genius module and the introduction of the AI Access platform may also lead to increased sales and market share, further supporting a positive outlook.
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