Taewoong Medical Co, Ltd to be Acquired by Olympus

To enhance its capabilities in the field of GI endotherapy and provide more comprehensive solutions to patients, Olympus Corporation has reached an agreement to acquire Taewoong Medical Co, Ltd, a Korean company that produces medical devices, including metallic stents for gastrointestinal (GI) use.

As per the deal, Taewoong Medical Co, Ltd will be paid about $370 million in cash, out of which $255.5 million will be paid during the closing, and an additional amount of up to $114.5 million will be paid based on the accomplishment of future milestones. The completion of the transaction is anticipated to take place on 30 June 2023, subject to the fulfilment of customary closing conditions.

"Olympus' Endotherapy Division is committed to providing a full portfolio of clinically differentiated technologies aimed at treating patients who suffer from GI disease, and with the acquisition of Taewoong Medical, this further demonstrates our commitment to this critical segment of our business," said Gabriela Kaynor, Global Division Head of Therapeutic Solutions Division at Olympus. "Taewoong Medical has developed a full portfolio of GI metal stents that will immediately enhance our already robust offering of GI devices. I'm proud to welcome Taewoong Medical's employees, and their commitment to the field of GI endoscopy to the Olympus' Therapeutic Solutions Division."

Kyong-min Shin, President and CEO of Taewoong Medical stated: "For over three decades, Taewoong Medical has been a leading manufacturer of GI stents, renowned for its innovative technology and diverse product range. Our company has a robust market presence in Korea, Japan, and Europe, and exports to 86 countries worldwide. Moving forward together with Olympus, Taewoong Medical will focus its capabilities to provide medical professionals and patients with superior products and services through continuous investment in R&D and manufacturing technology."

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