Olympus to Acquire Taewoong Medical for $370 Million

Olympus has recently announced its plan to acquire Taewoong Medical, a Korea-based manufacturer of gastrointestinal (GI) metallic stents, in order to expand its GI endotherapy product portfolio capabilities. The acquisition will enable Olympus to become a comprehensive solutions provider in the GI market, contributing to improved patient outcomes and elevating the standard of care.

Under the agreement, Taewoong Medical will receive approximately $370 million in cash, with $255.5 million to be paid at the closing and up to $114.5 million to be paid if future milestones are achieved. The deal is expected to be completed on June 30, 2023, subject to customary closing conditions.

Taewoong Medical offers a variety of metallic stents designed for biliary tract, esophagus, colon, and duodenum treatments, combining strong radial force with high flexibility. With its unique design and technology capabilities, the company provides a wide range of high-quality stents, allowing healthcare professionals to use minimally invasive treatment with the most appropriate equipment for each patient.

Olympus is targeting GI as one of its key disease states, as outlined in its medical business strategy announced in December 2021. The addition of Taewoong Medical’s medical devices to its product portfolio will further enhance Olympus’ position in the market, enabling it to offer varied solutions in GI and ultimately leading to better patient outcomes.

Note: On 24 January 2024, Olympus announced the completion of the acquisition of Taewoong Medical.