Olympus to Purchase Korean Gastrointestinal Stent Firm Taewoong Medical Co., Ltd
Strengthening Gastrointestinal Endotherapy Choices By means of Bringing Collectively Expertise and Know-how
Taewoong will obtain roughly $370 million in money, of which $255.5 million shall be paid on the closing and as much as $114.5 million shall be paid if future milestones is achieved. The corporate expects to finish the transaction on June 30, 2023, topic to customary closing circumstances.
Incidences of biliary cancers, the place metallic stents are incessantly used as one of many therapies, have been growing in recent times[2] because of the ageing inhabitants[3]. Metallic stents are sometimes used to deal with jaundice, one of many signs of an obstructed or narrowed biliary tract brought on by biliary most cancers. The stent permits for minimally invasive therapy[4], which helps sooner affected person restoration.
Various kinds of stents are wanted relying on the situation of the lesion and the affected person’s anatomy. Taewoong Medical, a number one producer of GI stents, affords quite a lot of medical units together with metallic stents designed for biliary tract, esophagus, colon, and duodenum therapies[5]. GI stents are used to assist clear occlusions or strictures by most cancers or different illnesses. Furthermore, Taewoong Medical’s metallic stents mix robust radial power with excessive flexibility[6], that are each essential necessities. This permits the stents to adapt to the form of anatomies similar to biliary tracts and the esophagus, and even when curved, it’s much less possible for the stent to buckle, which reduces the danger of restenosis. Taewoong Medical has a variety of high-quality stents realized by means of its distinctive design and expertise capabilities, permitting healthcare professionals to make use of minimally invasive therapy with probably the most applicable tools for every affected person.
Olympus is focusing on GI as one in every of its key illness states, as outlined in its medical enterprise technique introduced in December 2021. The addition of Taewoong Medical’s medical units to its product portfolio will allow Olympus to turn into a complete options supplier within the GI market with diversified options in GI, contributing to improved affected person outcomes and elevating the usual of care.
“Olympus’ Endotherapy Division is dedicated to offering a full portfolio of clinically differentiated applied sciences geared toward treating sufferers that suffer from GI illness, and with the acquisition of Taewoong Medical, this additional demonstrates our dedication to this vital phase of our enterprise,” mentioned Gabriela Kaynor, International Division Head of Therapeutic Options Division at Olympus. “Taewoong Medical has developed a full portfolio of GI metallic stents that may instantly improve our already sturdy providing of GI units. I am proud to welcome Taewoong Medical’s staff, and their dedication to the sector of GI endoscopy to the Olympus’ Therapeutic Options Division.” Kyong-min Shin, President and CEO of Taewoong Medical said, “For over three many years, Taewoong Medical has been a number one producer of GI stents, famend for its revolutionary expertise and numerous product vary. Our firm has a strong market presence in Korea, Japan, and Europe, and exports to 86 international locations worldwide. Transferring ahead along with Olympus, Taewoong Medical will focus its capabilities to supply medical professionals and sufferers with superior services and products by means of steady funding in R&D and manufacturing expertise.”
Transferring ahead, Olympus will proceed to seek out and execute investments in addition to broaden its product and expertise strengths by means of synergies with the merchandise and applied sciences of acquired firms, making certain that they seize most worth by means of these integrations.
Overview of Taewoong Medical (as of Dec. 2022) [1] A medical machine fabricated from a metallic mesh tube that’s positioned for dilating a stenosis inside a tract similar to biliary, esophagus, colon and duodenum. About Taewoong Medical
For over thirty years, Taewoong Medical has been devoted to advancing medical expertise and bettering affected person high quality of life by means of the manufacturing and supply of high-quality and revolutionary minimally invasive medical units. Our flagship product, the Niti-S(TM) gastrointestinal stent, has been widely known as a pioneering and revolutionary answer, fulfilling the varied wants of healthcare professionals globally. As our enterprise continues to develop, we’re increasing into new areas similar to endoscopic devices, interventional radiology and neurology units, and pulmonary valves, with the intention of additional bettering affected person outcomes. For extra data, go to www.taewoongmedical.com.
About Olympus
As a number one medical expertise firm, our medical enterprise makes use of revolutionary capabilities in medical expertise, therapeutic intervention, and precision manufacturing to assist healthcare professionals ship diagnostic, therapeutic, and minimally invasive procedures to enhance medical outcomes, cut back general prices, and improve the standard of life for sufferers. Olympus’ medical portfolio consists of endoscopes, laparoscopes, and video imaging techniques, in addition to surgical power units, buyer options, medical providers, and a variety of endotherapy devices for endoscopic and therapeutic functions. For extra data, go to www.olympus-global.com and observe our world Twitter account: @Olympus_Corp.
Media contact: Olympus Corp [TYO: 7733] [ADR: OCPNY] [GDR: OLYS] https://www.olympus-global.com
TOKYO and SEOUL, Feb 24, 2023 – (JCN Newswire) – Olympus Company (Olympus), a worldwide medtech firm dedicated to creating folks’s lives more healthy, safer and extra fulfilling, has agreed to amass Taewoong Medical Co., Ltd, (Taewoong Medical), a Korea-based producer of medical units similar to gastrointestinal (GI) metallic stents[1] to strengthen its GI endotheraphy product portfolio capabilities, and in flip, contributing to bettering affected person consequence by means of complete options.
– Firm title: Taewoong Medical Co., Ltd,
– Handle: Gimpo-si, South Korea
– Established: 1992
– President and CEO: Kyong-min Shin
– Income: 6,790 million JPY[7] (as of Dec. 2021)
– Working earnings: 1,347 million JPY[7] (as of Dec. 2021)
– Enterprise: R&D and manufacturing of non-vascular metallic stents.
– Variety of staff: 273
– Manufacturing: Gimpo-si, South Korea
– Worldwide footprint: Taewoong Medical at present sells in additional than 80 geographies.
[2] Guoqing Ouyang MM et al., “The worldwide, regional, and nationwide burden of gallbladder and biliary tract most cancers and its attributable threat elements in 195 international locations and territories, 1990 to 2017: A scientific evaluation for the International Burden of Illness Examine 2017”
[3] https://ourworldindata.org/grapher/historic-and-un-pop-projections-by-age
[4] Jin-Seok Park, Seok Jeon, Don Haeng Lee “Latest Advances in Gastrointestinal Stent Growth”
[5] Merchandise or units offered embody future expertise which can be pending regional regulatory approval and should not out there on the market in all areas.
[6] Isayama H, Nakai Y, Hamada T, et al.: Understanding the Mechanical forces of Self-Expandable Steel Stents within the Biliary Ducts. Curr Gastroenterol Rep 18 : 64, 2016.
[7] Calculated on the change charge of JPY 10.61 per 100 KRW (change charge as of the tip of January 2023).
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