Johnson & Johnson CEO Alex Gorsky Photograph by Stuart Isett/Fortune Global Forum

In sync with a previous report, Johnson & Johnson has announced it’ll be purchasing surgical robotics Auris Health for $3.4 billion in cash, and additional payments of up to $2.35 billion tied to certain milestones. New Jersey headquartered Johnson & Johnson is acquiring Auris Health via its subsidiary, Ethicon, with a purchase price of $3.4 billion marking one of the largest exits in the medical technology market.

Auris will complement Johnson & Johnson’s acquisition of Orthotaxy’s robotic technology for orthopaedics and the continued development of the Verb Surgical Platform, via a strategic partnership with Alphabet’s Verily. Auris which develops robotics tech for medical applications, is backed by notable names like Viking Global, Coatue Management, Lux Capital, Wellington Management and Highland Capital.

Monarch, a controller developed by Auris that steers robotic surgical scopes (also developed by Auris) into a patient’s lungs where they can be used to identify cancerous tumors image : Auris Health

The company has raised $730 million in total funding according to Crunchbase data, last valued at about $2 billion from a previous round. “We’re thrilled to be joining Johnson & Johnson to help push the boundaries of what is possible in medical robotics and improve the lives of patients across the globe. Together, we will be able to dramatically accelerate our collective product innovation to develop new interventional solutions that redefine optimal patient outcomes,” Auris Health founder and CEO Frederic Moll said in a press release.

“This combination is a testament to the incredible work of the Auris Health team and the innovation engine behind the Monarch Platform, which represents a huge step forward in endoluminal technology. We look forward to continuing to shape the future of intervention with the added expertise and resources of the world’s largest healthcare organization.”

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