Spin out sold to Icelandic buyers
3 May 2016 by Evoluted New Media
A spin out specialising in robotic limb development has been sold to Icelandic prosthetic makers Össur Hf in a £27.5m deal.
A spin out specialising in robotic limb development has been sold to Icelandic prosthetic makers Össur Hf in a £27.5m deal.
Touch Bionics are a 2003 NHS Scotland spin out that have created the passive livingskin prosthetic as well as the i-limb range and has a variety of different prosthetics.
David Gow, Touch Bionics founder, said: “As founder, I had high hopes when NHS Scotland supported the original start-up company which later blossomed into Touch Bionics. Over a decade later, my aspirations for Touch Bionics have been more than realised and I am extremely proud and delighted that Touch Bionics' new home will be with Ossur.”
Touch Bionics is thought to be the first company to develope an electrically powered prosthetic hand with five fingers that can be independently controlled. Since it was founded, the company has been responsible for fitting more than 5,000 people with i-limb and i-digits products.
The company, based in Livingston, was sold by its shareholders, who include Archangel Informal Investment and Scottish Enterprise.
Jon Sigurdsson, Össur CEO said: “This acquisition is an important milestone for Össur as it marks our entry into the upper limb prosthetic market. Össur and Touch Bionics are committed to pushing the boundaries of bionic technology to enable amputees to live a life without limitations.”
Touch Bionics reported strong growth in European markets for 2015, particularly Germany and France, with annual revenues rising by more than 10% to £15m.
