According to Olympus Corporation, concerns about the non-vascular metallic stents were found post-closing following the agreed acquisition of Taewoong Medical Co., Ltd.
The manufacturer Olympus Corporation has announced the rescission of an earlier acquisition deal due to reported data integrity issues of medical device products from Taewoong Medical Co., Ltd.
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Olympus originally announced the closing of its agreed share acquisition of Taewoong Medical in January 2024.
Data integrity issues
The concerns around these products were found after the closing of the deal, Olympus noted. Taewoong Medical focuses on the R&D and manufacturing of non-vascular metallic stents for gastrointestinal (GI) diseases. Olympus deemed that the products “were inconsistent with the representations and warranties accessible pre-closing.”
Olympus highlighted that the metallic stents are mesh tube medical devices designed to dilate “a stenosis within a tract such as biliary, oesophagus, colon and duodenum.”
The agreed acquisition
According to Olympus, in the original deal between both companies, first proposed and announced in February 2023, the Korea-based medical device manufacturer would form part of Olympus’ Therapeutic Solutions Division. Joining as a subsidiary, the acquisition of Taewoong Medical would enable Olympus to strengthen its product portfolio capabilities.
At the time of the announcement, Olympus’ Global Division Head of Therapeutic Solutions Division, Gabriela Kaynor, stated that the acquisition would expand the company’s offerings globally in this critical segment of its business.
The transaction held an approximate value of $370 million, with payments awarded based on various milestones if reached over a two-year period. A total of $255.5 million was agreed to be paid upfront at closing. Up to $114.5 million of payments if certain technical and revenue milestones were achieved was a part of the transaction.
The decision to rescind the agreement due to the data integrity issues, was taken in “mutual understanding”, according to Olympus. The company added that former shareholders of Taewoong Medical have refunded the monies paid by Olympus. As such, Olympus reported that all shares of Taewoong Medical will be returned.
Editorial note: EPR has approached Taewoong Medical for comment.
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