The acquisition of Medi-Tate will allow Olympus to strengthen its therapeutic solutions division and urology business
Japanese company Olympus has exercised its option to acquire Israel-based medical device company Medi-Tate to strengthen its position in the field of urological devices.
The acquisition of Medi-Tate will also allow Olympus to solidify its therapeutic solutions division.
In November 2018, Olympus initially invested in Medi-Tate, gaining the rights to distribute Medi-Tate products and an option to acquire 100% of the Israeli company at a later date.
Medi-Tate is engaged in the research and development, manufacturing and selling of devices for the minimally invasive treatment of benign prostatic hyperplasia (BPH).
The company manufactures iTind device, which secured European CE mark approval and approval from the US Food and Drug Administration (FDA). It is also approved in the UK, Israel, Australia and Brazil.
iTind is a temporarily implanted nitinol device designed to support the relief of lower urinary tract symptoms (LUTS) due to BPH.
The device, which will be placed in the prostatic urethra in a folded configuration, is used by a urologist in an outpatient hospital, ambulatory surgery centre, or a clinic.
Olympus stated that it has committed to focus and scale its therapeutic solutions division under the company’s corporate strategy unveiled in late 2019.
Olympus chief operating officer Nacho Abia said: “The investment in Medi-Tate has expanded our patient care offerings in BPH, adding to Olympus’ market-leading plasma resection portfolio for transurethral resection of the prostate (TURP).
“Our partnership with Medi-Tate has supported one of Olympus’ key strategic initiatives to drive growth in our urology business and to expand our minimally invasive surgical solutions, enabling further improvement of clinical outcomes, reduction of overall costs and enhancement of patients’ quality of life and safety.”
Olympus develops, manufactures and markets BPH treatment devices for TURP procedures such as resectoscopes and a range of electrodes.
In January this year, the company agreed to acquire Netherlands-based multispectral imaging solutions provider Quest Photonic Devices for up to €50m.