S.Korea’s stent maker Taewoong Medical acquired by Olympus for $370 million

Japanese medical device company Olympus on Saturday said it will wholly acquire South Korea’s Taewoong Medical, a maker of gastrointestinal (GI) stents, for $370 million (488 billion won).

Taewoong Medical is a medical device company that develops and sells stents for digestive organs such as the biliary tract, esophagus, colon and duodenum. GI stents are used to treat organ blockage and strictures caused by cancer and other diseases. 

Olympus expects its acquisition to enable its introduction of a wide range of GI-related products.

“We are recognized for accumulating over 30 years of technological and product innovation and differentiation, exporting GI stents to 86 countries,” said Taewoong Medical CEO Shin Kyong-min. “We will focus in raising our capacity to provide better products to medical staff and patients.”

Write to Ji-Hyun Lee at bluesky@hankyung.com