Olympus announced that it agreed to acquire Korea-based Taewoong Medical, a maker of medical devices including stents, for $370 million.
Taewoong Medical manufactures devices including gastrointestinal (GI) metallic stents. Olympus intends to use the acquisition to strengthen its GI endotherapy portfolio capabilities.
According to a news release, Olympus plans to pay approximately $370 million in cash to Taewoong. Of that total, the company intends to pay $255.5 million at closing. The remaining $114.5 depends on the completion of future milestones. Olympus expects to complete the transaction on June 30, 2023.
“For over three decades, Taewoong Medical has been a leading manufacturer of GI stents, renowned for its innovative technology and diverse product range,” said Kyong-min Shin, president and CEO of Taewoong Medical. “Our company has a robust market presence in Korea, Japan, and Europe, and exports to 86 countries worldwide. Moving …