Olympus is expanding its respiratory portfolio with its latest proposed acquisition. The Tokyo-based company said it has entered into an agreement to acquire Veran Medical Technologies (VMT), an interventional pulmonology specialist, for up to $340 million.
The deal is the latest in a series of strategic acquisitions designed to strengthen Olympus' position as a leading global medical device company.
"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 a 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 said its endoscope technologies will combine perfectly with St. Louis, MO-based VMT's navigation products to develop solutions for improved diagnosis of peripheral lung cancer.
Deals have been coming in at a rapid pace during the pandemic. Medtronic has acquired seven companies this year. The tuck-in acquisitions are part of the Dublin-based company's plan to transform.
It isn’t the only company that has had an M&A hot streak. Most recently, Zimmer Biomet took part in its third tuck-in deal over the past 30 days when it announced it would acquire A&E Medical for up to $250 million.