TOKYO and SEOUL, Jan 24, 2024 – (JCN Newswire) – Olympus Corporation (Olympus), a global MedTech company committed to making people’s lives healthier, safer and more fulfilling, today announced the closing of the acquisition of Taewoong Medical Co., Ltd, (Taewoong Medical), a Korea-based manufacturer of medical devices such as gastrointestinal (GI) metallic stents[1].
Taewoong Medical will join Olympus as a subsidiary, enabling Olympus to strengthen its GI EndoTherapy product portfolio capabilities, contribute to improving patient outcomes through comprehensive solutions, and elevate the standard of care.[2]
Taewoong Medical offers a variety of medical devices including metallic stents designed for biliary tract, esophagus, colon, and duodenum treatments. With the closing of the transaction, which was first proposed and announced in February 2023, Olympus will immediately oversee its offices and operations in Korea. Taewoong Medical will join Olympus’ Therapeutic Solutions Division, helping Olympus become a comprehensive solutions provider in the GI market with varied GI EndoTherapy solutions by bringing together talent and technology. The addition of Taewoong Medical to Olympus’ portfolio will contribute to the company’s focus on enhancing patient care pathways.
Olympus acquires Taewoong Medical for approximately $370 million in cash, with $255.5 million paid upfront at closing, and up to $114.5 million of payments following attainment of technical and revenue milestones over a two-year period.
The transactions closure follows review by the Korean Fair Trade Commission.
Comment from Gabriela Kaynor, Global Division Head of Therapeutic Solutions Division at Olympus: “We are thrilled to incorporate Taewoong Medical’s GI metal stent portfolio, innovation capabilities, and talented team into our GI EndoTherapy Business Unit. 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 portfolio of clinically differentiated technologies to our GI customers. The acquisition will immediately expand our offerings globally in this critical segment of our business. With Taewoong Medical, we celebrate the opportunity to create value for our stakeholders and elevate the standard of patient care.”
Comment from Kyong-min Shin, President and CEO of Taewoong Medical: “As a leading medical company, Taewoong Medical manufactures a vast range of medical equipment of our own designs. Our objective is to maintain high levels of innovation, knowledge, and technical expertise to provide solutions for patients’ comfort. Together with Olympus, we are pleased to be able to approach more patients around the world.”
Overview of Taewoong Medical (as of Jan. 2024)
- Company name: Taewoong Medical Co., Ltd.
- Address: Gimpo-si, South Korea
- Established: 1992
- President and CEO: Kyong-min Shin
- Revenue: 7,572 million JPY (as of Dec. 2022)[3]
- Operating income: 1,087 million JPY (as of Dec. 2022)[3]
- Business: R&D and manufacturing of non-vascular metallic stents
- Number of employees: 410
- Manufacturing location: Gimpo-si, South Korea
- International footprint: Taewoong Medical products are sold in more than 80 countries
All company names and product names mentioned in this website are trademarks or registered trademarks of their respective companies.
[1] A medical device made of a metallic mesh tube that is placed for dilating a stenosis within a tract such as biliary, esophagus, colon and duodenum.
[2] Products or devices presented include future technology which may be pending regional regulatory approval and are not available for sale in all regions.
[3] Calculated at the exchange rate of JPY 11.05 per 100 KRW (exchange rate as of the end of December 2023).
About Taewoong Medical
For over thirty years, Taewoong Medical has been dedicated to advancing medical technology and improving patient quality of life through the production and delivery of high-quality and innovative minimally invasive medical devices. Our flagship product, the Niti-S™ gastrointestinal stent, has been widely recognized as a pioneering and innovative solution, fulfilling the diverse needs of healthcare professionals globally. As our business continues to grow, we are expanding into new areas such as endoscopic instruments, interventional radiology and neurology devices, and pulmonary valves, with the aim of further improving patient outcomes. For more information, visit www.taewoongmedical.com.
About Olympus
At Olympus, we are committed to Our Purpose of making people’s lives healthier, safer and more fulfilling. As a global medical technology company, we partner with healthcare professionals to provide best-in-class solutions and services for early detection, diagnosis and minimally invasive treatment, aiming to improve patient outcomes by elevating the standard of care in targeted disease states. For more than 100 years, Olympus has pursued a goal of contributing to society by producing products designed with the purpose of delivering optimal outcomes for its customers around the world. For more information, visit https://www.olympus-global.com/ and follow our global X account: @Olympus_Corp.
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Topic: Press release summary
Source: Olympus
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