Olympus Corporation acquires Taewoong Medical to enhance GI endotherapy offerings
In a major move in the global MedTech industry, Olympus Corporation (Olympus), known for its commitment to improving lives through innovative medical solutions, has officially closed its acquisition of Taewoong Medical Co., Ltd. (Taewoong Medical). This deal, valued at approximately $370 million, positions Olympus at the forefront of the gastrointestinal (GI) EndoTherapy market.
Strategic Expansion in GI EndoTherapy
Taewoong Medical, a leading South Korean manufacturer of GI metallic stents, now joins Olympus as a subsidiary. This acquisition enables Olympus to strengthen its capabilities in the GI EndoTherapy product portfolio and contribute to improving patient outcomes with comprehensive solutions. The deal, which includes an upfront payment of $255.5 million and additional milestone payments of up to $114.5 million, was finalized following approval by the Korean Fair Trade Commission.
Enhancing Global Healthcare Offerings
Gabriela Kaynor, Global Division Head of the Therapeutic Solutions Division at Olympus, expressed enthusiasm about the acquisition. “We are thrilled to incorporate Taewoong Medical’s GI metal stent portfolio and talent into our GI EndoTherapy Business Unit. This acquisition is a vital milestone in our commitment to providing a full portfolio of clinically differentiated technologies to our GI customers globally.”
Olympus expands Global Reach in MedTech with $370 Million Taewoong Medical Acquisition
Kyong-min Shin, President and CEO of Taewoong Medical, also highlighted the synergy between the two companies. “As a leading medical company, Taewoong Medical manufactures a vast range of medical equipment. Together with Olympus, we are pleased to approach more patients around the world.”
A Comprehensive Solutions Provider
With this acquisition, Olympus acquires not only Taewoong Medical’s extensive portfolio of medical devices but also its innovative capabilities and skilled team. This move is set to transform Olympus into a comprehensive solutions provider in the GI market.
The acquisition of Taewoong Medical by Olympus Corporation is a strategic move that enhances Olympus’s position in the MedTech industry, particularly in the GI EndoTherapy segment. This merger not only broadens the product offerings and reaches of Olympus but also signifies a growing trend of consolidation in the healthcare sector, aiming to deliver more comprehensive and innovative patient care solutions.