Olympus has closed the acquisition of Veran Medical Technologies (VMT), a provider of advanced medical devices focused on interventional pulmonology.

The company has initially signed an agreement on 4 December 2020, to acquire VMT for a consideration of $340m. The acquisition would benefit Olympus with immediate incremental revenue and experienced sales team.

With the acquisition, Olympus subsidiary Olympus Corporation of the Americas (OCA) will gain access to VMT’s global sales network, marketing, manufacturing, R&D, and other capabilities to expand its respiratory product portfolio.

Olympus global respiratory business unit vice president and general manager Lynn Ray said: “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.

“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.”

VMT acquisition to strengthen Olympus’ medical technology innovation

According to the company, lung cancer is one of the leading causes of cancer-related deaths around the world.

The need for definitive diagnosis of lesions in the peripheral regions of the lungs through tissue biopsy is expected to increase with enhanced awareness and lung cancer screenings using low-dose computed tomography (CT).

VMT said that its SPiN Thoracic Navigation System and associated devices were specifically designed to help physicians navigate, localise, and sample peripheral pulmonary lesions.

Its navigational system and devices, when used with the Olympus’ existing respiratory portfolio including radial endobronchial ultrasound (EBUS) and thin bronchoscopes, would provide enhanced imaging, access and precision for diagnosis of lung cancer.

Olympus said that VMT’s advanced navigation technology, combined with its respiratory portfolio, would strengthen and enhance its position as a medical technology innovator.

Furthermore, the company announced that as part of its current corporate strategy, it will focus and scale its Therapeutic solutions Division (TSD).