Olympus Finishes Acquisition of Taewoong Medical

Olympus global MedTech company has announced the closing of the acquisition of Korea-based manufacturer of medical devices Taewoong Medical. The initial proposition for this acquisition occurred in February of 2023.
 
Taewoong Medical joins Olympus as a subsidiary, strengthening its GI EndoTherapy product portfolio capabilities. 
 
Olympus acquired Taewoong for approximately $370 million, cash, with $255.5 million paid upfront at closing, and up to $114.5 million in payments following attainment of technical and revenue milestones over a two-year period. 
 
Taewoong Medical manufactures gastrointestinal (GI) metallic stents and offers a variety of medical devices and stents designed for the biliary tract, esophagus, colon, and duodenum treatments. 
 
Olympus will immediately oversee operations and offices in Korea as Taewoong joints Olympus’ Therapeutic Solutions Division. In acquiring Taewoong, Olympus broadens its presence in the GI market and contributes to Olympus’ focus on patient care pathways. 
 
Olympus’ Global Division Head of Therapeutic Solutions Division, Gabriela Kaynor commented, “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.”
 
“As a leading medical company, Taewoong Medical manufactures a vast range of medical equipment of our own designs, said Taewoon Medical president and CEO Kyong-min Shin. “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.”