GENE ONLINE|News &
Opinion
Blog

2024-01-29| Asia-PacificM&A

Olympus Completes Acquisition of Taewoong Medical, Expanding GI EndoTherapy Portfolio

by Sinead Huang
Share To

Olympus Corporation, the global MedTech company, has finalized the acquisition of Taewoong Medical Co., Ltd., a Korean medical device manufacturer known for its expertise in gastrointestinal (GI) metallic stents. The acquisition, valued at around $370 million in cash, underlines Olympus’ dedication to enhancing patient care and broadening its GI EndoTherapy product portfolio. This strategic initiative marks a significant step in Olympus’ ongoing commitment to advancing healthcare solutions.

Related article: Novo Nordisk Delivers Strong H1 Financial Performance, With Acquisition to Expand Weight Loss Market

Strengthening Olympus’ Position in GI EndoTherapy

The acquisition includes various medical devices, particularly metallic stents designed for treating conditions in the biliary tract, esophagus, colon, and duodenum. Olympus will now have oversight of Taewoong Medical’s offices and operations in Korea, marking a significant step in elevating the standard of care and providing comprehensive solutions in the GI market.

Olympus has invested approximately $370 million in cash for the acquisition of Taewoong Medical. The transaction involves an upfront payment of $255.5 million at closing, with additional payments of up to $114.5 million contingent on the achievement of technical and revenue milestones over the next two years. It’s noteworthy that Seodaemun-Gu will retain a 0.376% shareholding in Taewoong, highlighting a strategic alignment that fosters collaboration. This substantial investment reflects Olympus’ commitment to advancing its GI product portfolio and underscores its dedication to technological innovation.

Regulatory Clearance and Global Market Presence

The closure of the transaction follows a thorough review by the Korea Fair Trade Commission, ensuring compliance with regulatory standards. With this acquisition, Taewoong Medical becomes an integral part of Olympus’ Therapeutic Solutions Division, contributing to the company’s global expansion in the GI market. The combination of talent and technology from both entities positions Olympus as a comprehensive solutions provider, reinforcing its commitment to enhancing patient care pathways globally. This strategic alignment is poised to play a crucial role in addressing the evolving landscape of GI diseases.

Gabriela Kaynor, Global Division Head of Therapeutic Solutions Division at Olympus, expresses enthusiasm about incorporating Taewoong Medical’s portfolio, innovation capabilities, and talented team into Olympus’ GI EndoTherapy Business Unit. The acquisition signifies a pivotal milestone in Olympus’ dedication to delivering clinically differentiated technologies to GI customers globally.

©www.geneonline.com All rights reserved. Collaborate with us: service@geneonlineasia.com
Related Post
LATEST
Neomorph Links Together With Novo Nordisk in a $1.46 Billion Molecular Glue Partnership Deal
2024-02-27
Breakthrough Study Shows Anti-IgE Antibody Safeguards Children with Multiple Food Allergies
2024-02-27
Cortisol: New Discoveries on its Impact Across Health, Culture, and Evolution
2024-02-26
Why NVIDIA’s CEO Huang Said AI Fostering Life Science:Highlighting GPU’s Applications in Biotech
2024-02-23
Revolutionary AI-Powered Respiratory Monitor Maker Gets Financial Boost with Latest Funding
2024-02-21
Researchers Predict Drug Interactions with Machine Learning to Enhance Patient Safety
2024-02-21
USC-Led Study Reveals Benefits of Fasting-Mimicking Diet in Reducing Disease Risk and Slowing Aging
2024-02-21
EVENT
Scroll to Top