Olympus (TYO:7733) announced today that it entered into an agreement to acquire Veran Medical Technologies for up to $340 million.
St. Louis, Mo.-based Veran Medical develops advanced medical devices specializing in interventional pulmonology, including navigation products to develop solutions for improved diagnosis of peripheral lung cancer, according to a news release.
The acquisition by Olympus is slated to be implemented through its Olympus Corporation of the Americas (OCA) subsidiary as the company seeks to strengthen its position in the medical device industry through a plan to scale its therapeutic solutions division.
“We are very excited about acquiring VMT because its portfolio of devices will complement our product portfolio and further strengthen our position in respiratory medical devices,” Nacho Abia, global chief operating officer and CEO of OCA, said in the release. “The most significant part of this deal is that we will secure immediate access to VMT’s unique electromagnetic navigation system with proprietary devices to build a stronger future respiratory product portfolio.”
Olympus believes its endoscope technologies will combine with VMT’s navigation products to develop solutions for improving the diagnosis of peripheral lung cancer, with the company expecting the acquisition to provide immediate incremental revenue within the U.S. market.
Already a leader in bronchoscopy systems, Olympus’ endoscope technologies will combine perfectly with VMT’s navigation products to develop solutions for improved diagnosis of peripheral lung cancer.
“We are proud to be joining forces with Olympus, a company with a 100-year legacy and a global reputation for quality, leadership and innovation,” VMT CEO Jason Pesterfield said. “Olympus has a clear strategy to become a global medtech leader, and we’re excited to contribute our unique capabilities and become part of this journey.”
