Olympus Acquires Korean GI Stent Maker Taewoong Medical
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By HospiMedica International staff writers Posted on 31 Jan 2024 |
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Olympus Corporation (Tokyo, Japan) has closed the acquisition of Taewoong Medical Co., Ltd. (Seoul, Korea), a manufacturer of medical devices such as gastrointestinal (GI) metallic stents. Taewoong will join Olympus as a subsidiary, enabling Olympus to strengthen its GI EndoTherapy product portfolio capabilities, contribute to improving patient outcomes through comprehensive solutions, and elevate the standard of care.
In the transaction, which was first proposed and announced in February 2023, Olympus acquired Taewoong for approximately USD 370 million in cash, with USD 255.5 million paid upfront at closing, and up to USD 114.5 million of payments following the attainment of technical and revenue milestones over a two-year period. Taewoong offers a variety of medical devices including metallic stents designed for biliary tract, esophagus, colon, and duodenum treatments. With the closing of the transaction, Taewoong will join Olympus’ Therapeutic Solutions Division, helping Olympus become a comprehensive solutions provider in the GI market with varied GI EndoTherapy solutions by bringing together talent and technology. The addition of Taewoong Medical to Olympus’ portfolio will contribute to the company’s focus on enhancing patient care pathways.
“We are thrilled to incorporate Taewoong Medical’s GI metal stent portfolio, innovation capabilities, and talented team into our GI EndoTherapy Business Unit,” said Gabriela Kaynor, Global Division Head of Therapeutic Solutions Division at Olympus. “Taewoong and Olympus share a passion for supporting patients suffering from GI diseases, and the completion of the acquisition is a vital milestone in our commitment to provide a full portfolio of clinically differentiated technologies to our GI customers. The acquisition will immediately expand our offerings globally in this critical segment of our business. With Taewoong Medical, we celebrate the opportunity to create value for our stakeholders and elevate the standard of patient care.”
“As a leading medical company, Taewoong Medical manufactures a vast range of medical equipment of our own designs,” added Kyong-min Shin, President and CEO of Taewoong Medical. “Our objective is to maintain high levels of innovation, knowledge, and technical expertise to provide solutions for patients’ comfort. Together with Olympus, we are pleased to be able to approach more patients around the world.”
Related Links:
Olympus Corporation
Taewoong Medical Co., Ltd.
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