Action Alerts PLUS holding Johnson & Johnson (JNJ) - Get Report  announced that it was purchasing privately held surgical robotic technologies manufacturer Auris Health for about $3.4 billion in cash.

Another $2.35 billion could be added to the deal in aggregate if the company reaches certain undisclosed milestones. Auris' current focus is on lung cancer treatment through its minimally invasive technology. 

"In this new era of health care, we're aiming to simplify surgery, drive efficiency, reduce complications and improve outcomes for patients, ultimately making surgery safer," said Ashley McEvoy, executive vice president and worldwide chairman of Johnson & Johnson's medical devices division. "We believe the combination of best-in-class robotics, advanced instrumentation and unparalleled end-to-end connectivity will make a meaningful difference in patient outcomes."

Auris founder and CEO Frederic Moll will join Johnson & Johnson once the deal is consummated. Moll's role was unspecified in a press release.

"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," said Dr. Moll.

Johnson & Johnson shares are down 0.2% Wednesday.