Olympus Acquires Spirus Medical

West Bridgewater, Mass.-based Spirus Medical has been acquired by Tokyo-based Olympus Corp. Financial terms of the deal, announced July 1, have not been disclosed.

The acquisition prompted the formation of a new company, Spirus Medical LLC, to continue distributing orders of endoscope insertion devices such as Endo-Ease Discovery SB and Endo-Ease Vista Retrograde over-tubes to existing customers until inventory is emptied. Inventory includes medical devices that aid endoscope insertion in upper and lower endoscopy, including a powered spiral device that uses a motor to aid endoscope insertion, as well as urologic and gynecologic devices. The company will operate as a wholly-owned subsidiary of Gyrus ACMI Inc., a U.S.-based subsidiary of Olympus.

Spirus is one of at least five start-ups spun off from Stoughton, Mass.-based STD Med Inc. in the past 10 years. Spirus previously received financial backing from Cambridge’s Bioventures Investors, Point Judith Capital and Village Ventures—all participated in 2007’s Series B funding round.

Olympus plans to create new endoscopic systems that merge Olympus and Spirus technology.