Friday, February 24, 2023
Olympus Corporation has agreed to purchase Taewoong Medical, a medical device business with its headquarters in Korea for a total of about US $370 million in cash.
Taewoong produces medical devices like gastrointestinal (GI) metallic stents, which aid in removing obstructions or strictures brought on by cancer or other illnesses.
The Korean medical device manufacturer will receive up to US $114.5 million in potential future milestone payments in addition to US $255.5 million at closing under the terms of the deal.
The deal is anticipated to close by June 30, 2023, subject to certain customary closing conditions.
The biliary system, oesophagus, colon, and duodenum can all be treated with the help of Taewoong's assortment of medical devices, which also includes metallic GI stents.
Strong radial force and high flexibility are said to be combined in its metallic stents, allowing them to adapt to the curve of anatomical structures like biliary tracts and the oesophagus.
The metallic GI stents would lower the chance of restenosis because they are less likely to buckle, even if they are curved.
Taewoong provides a wide selection of premium stents with distinctive design and technological capabilities to support medical professionals using minimally invasive procedures.
With the acquisition, the company expands its product line to include Taewoong's medical devices, making it a complete market supplier of several GI solutions.