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 medical division of Olmpus is located in Center Valley, Pa.

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 STD Med Inc. in the past 10 years. STD Med is a contract manufacturer based in Staughton, Mass. 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.