Olympus Acquires Veran Medical Technologies, Inc.

Strategic Acquisition Drives Expansion of Olympus Respiratory Solutions

News provided by

Dec 30, 2020, 07:07 ET

CENTER VALLEY, Pa. and TOKYO, Dec. 30, 2020 /PRNewswire/ -- Olympus Corporation today announced that it has finalized the acquisition of Veran Medical Technologies, Inc. (VMT), a leading provider of advanced medical devices specializing in interventional pulmonology, following the definitive agreement the two companies signed December 4, 2020. With this acquisition by Olympus subsidiary Olympus Corporation of the Americas (OCA), Olympus gains VMT's global sales network, marketing, manufacturing, R&D, and other functions to expand the Olympus respiratory product portfolio.

Olympus has closed on the acquisition of Veran Medical Technologies (VMT). VMT’s SPiN Thoracic Navigation System® and related devices are specifically designed to help physicians navigate to, localize, and sample peripheral pulmonary lesions.

Lung cancer is the leading cause of cancer-related deaths globally.¹ With increased awareness and more lung cancer screenings using low-dose computed tomography (CT), the need for definitive diagnosis of lesions in the peripheral regions of the lungs by tissue biopsy is expected to increase. VMT's SPiN Thoracic Navigation System® and related devices are specifically designed to help physicians navigate to, localize, and sample peripheral pulmonary lesions. Together with the existing Olympus respiratory portfolio that includes radial endobronchial ultrasound (EBUS) and thin bronchoscopes, VMT's navigational system and related devices provide a powerful combination of imaging, access and precision for pulmonologists seeking to diagnose and determine the stage of a patient's lung cancer.

"We are very excited about the synergies this acquisition creates. With the deal now closed, as one company we are able to combine Olympus' expertise and clinical history in minimally invasive technology with the innovation in navigation systems of Veran Medical Technology to improve workflow and patient care in lung cancer," said Lynn Ray, Vice President and General Manager of the Global Respiratory Business Unit for Olympus Corporation. "Olympus is committed to providing the medical community with the best tools possible to use in their fight against cancer. With the advent of EBUS-guided transbronchial needle aspiration (EBUS-TBNA) in 2004, Olympus brought patients the benefit of more accurate diagnosis and staging, to improve patient outcomes and care. We are thrilled to be at the forefront of development in this rapidly evolving area of respiratory care."

The acquisition will provide immediate incremental revenue and an experienced sales team within the U.S. market. VMT's advanced and proven navigation technology, together with Olympus' respiratory portfolio, strengthens and enhances Olympus' global position as a medical technology innovator.

As part of its current Corporate Strategy, Olympus vowed to "focus and scale" its Therapeutic solutions Division (TSD). To accelerate the process and provide greater agility, Olympus made OCA the TSD headquarters, recognizing the significant growth opportunities in North America. Olympus also identified three core medical fields to prioritize and has since focused on gastroenterological endotherapy devices, urological devices, and respiratory devices. The VMT acquisition is centered on respiratory devices and will position Olympus as a leader in this field.

For additional information, please refer to our corporate disclosure, "Notice regarding acquisition of Veran Medical Technologies, Inc. in the United States."

(available at: https://www.olympus-global.com/news/ir/2020/)

¹ WHO data: https://www.who.int/news-room/fact-sheets/detail/cancer

About Olympus' Therapeutic Solutions Division
In its Therapeutic Solutions business, Olympus uses innovative capabilities in medical technology, therapeutic intervention, and precision manufacturing to help healthcare professionals deliver diagnostic, therapeutic, and minimally invasive procedures to improve clinical outcomes, reduce overall costs, and enhance the quality of life for patients. Starting with its early contributions to the development of the polypectomy snare, Olympus' Therapeutic Solutions portfolio has grown to include an array of surgical energy devices and a wide range of instruments to help prevent, detect, and treat disease. For more information, visit www.olympus-global.com.

SOURCE Olympus