Israel-based medical device company Memic Innovative Surgery has signed a definitive business combination agreement with special purpose acquisition company MedTech Acquisition.

Founded in 2013, Memic focuses on developing surgical robotic technology.

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The company’s Hominis platform is the first US Food and Drug Administration (FDA) cleared surgical robot to feature miniature humanoid-shaped arms, with shoulder, elbow and wrist joints.

On closing the deal, the combined entity is estimated to have a pro-forma equity value of more than $1bn, assuming there are no redemptions by MedTech’s public stakeholders.

Memic’s current stakeholders will place all their equity in the merged company.

Memic CEO Dvir Cohen said: “Our partnership with the MedTech team, which provides decades of collective experience in surgical robotics, is an important step in bringing our advanced technology to medical facilities and patients across the United States and the world.

“We look forward to entering the public markets and working together with MedTech in the next phase of our company’s journey.”

The combined entity will operate as Memic on concluding the transaction. MedTech independent director and current board chairman Maurice Ferré will serve as executive chairman of the merged business.

MedTech Acquisition CEO Chris Dewey said: “Following a comprehensive review of investment opportunities, we were impressed with the highly accomplished management team at Memic and its disruptive, minimally invasive, cost-effective Hominis system, which positions [Memic] well for substantial growth and profitability.

“We believe that Memic’s innovative technology, coupled with our team’s expertise in successfully commercialising medical device companies, has the potential to create significant value for stockholders in the years ahead.”

Both companies’ Boards of Directors have approved the merger.

The deal is expected to close in the fourth quarter of this year subject to approval from both companies’ stockholders and other customary conditions.