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 portfolio of clinically differentiated technologies to our GI customers,” said Gabriela Kaynor, global division head of Therapeutic Solutions at Olympus. “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.”
Olympus says Taewoong’s stents combine strong radial force with high flexibility to conform to the various anatomies. Even if curved, the metallic stents are less likely to buckle, reducing the risk of restenosis.
The company brings with it 410 employees with its products sold in more than 80 countries.
“As a leading medical company, Taewoong Medical manufactures a vast range of medical equipment of our own designs,” said Kyong-min Shin, Taewoong president and CEO. “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.”
