Olympus Completes Acquisition of Taewoong Medical

Olympus today announced the closing of its acquisition of Taewoong Medical, which manufactures gastrointestinal (GI) metallic stents, along with additional product offerings. The acquisition, which cost approximately $370 million, included a $255.5 million lump sum at closing and an additional $114.5 million upon completion of future milestones.

Olympus initially announced the decision to acquire Taewoong in February 2023, citing the Korean medical device makers strength in GI endotherapy. The company’s GI stent portfolio offerings include designs for biliary tract, esophagus, colon, and duodenum treatments, all of which, according to Taewoong, combine strong radial force with high flexibility to conform to various anatomies.

“For over three decades, Taewoong Medical has been a leading manufacturer of GI stents, renowned for its innovative technology and diverse product range,” said Kyong-min Shin, president and CEO of Taewoong. “Moving forward together with Olympus, Taewoong Medical will focus its capabilities to provide medical professionals and patients with superior products and services through continuous investment in R&D and manufacturing technology.”

Olympus said it intends to capitalize on Taewoong’s portfolio to strengthen its own GI EndoTherapy portfolio capabilities. “Taewoong Medical has developed a full portfolio of GI metal stents that will immediately enhance our already robust offering of GI devices,” according to Gabriela Kaynor, global division head of the therapeutic solutions division at Olympus.

Taewoong joins the company as a subsidiary, bringing with it 410 employees and a portfolio sold in more than 80 countries including robust market presence in Korea, Japan, and Europe.

“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,” Kaynor said, in a press release. “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.”