Olympus, has closed the acquisition of Taewoong Medical, a Korea-based manufacturer of medical devices such as gastrointestinal (GI) metallic stents.
Olympus
Taewoong Medical 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.
Taewoong Medical offers medical devices including metallic stents designed for biliary tract, oesophagus, colon, and duodenum treatments. With the closing of the transaction, which was first proposed and announced in February 2023, Olympus will immediately oversee its offices and operations in Korea. Taewoong Medical will join Olympus’ Therapeutic Solutions Division, helping Olympus become a 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.
Olympus acquires Taewoong Medical for approximately $370 million in cash, with $255.5 million paid upfront at closing, and up to $114.5 million of payments following attainment of technical and revenue milestones over a two-year period.
The transactions closure follows review by the Korean Fair Trade Commission.
Gabriela Kaynor, global division head of therapeutic solutions division at Olympus: “We are thrilled to incorporate Taewoong Medical’s GI metal stent portfolio, innovation capabilities, and talented team into our GI EndoTherapy Business Unit. 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.”
Kyong-min Shin, president and CEO of Taewoong Medical, added: “As a leading medical company, Taewoong Medical manufactures a vast range of medical equipment of our own designs. 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.”
