taewoongmedical

The Taewoong Medical Niti-S hot Spaxus stent. [Image courtesy of Olympus/Taewoong Medical]Olympus announced today that it closed its acquisition of Taewoong Medical, a Korea-based medical device manufacturer.

Taewoong Medical develops gastrointestinal (GI) metallic stents, among other offerings. Olympus announced its intent to acquire the company for $370 million in February 2023. The deal includes $255.5 million upfront, with up to $114.5 million in potential milestone payments over a two-year period.

Olympus says Taewoong, which joins the company as a subsidiary, helps to strengthen its GI EndoTherapy product portfolio. The company offers stents designed for biliary tract, esophagus, colon and duodenum treatments. It joins the Olympus Therapeutic Solutions division.

“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 portfol…

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 …