Olympus Corporation has entered into an agreement with US-based pulmonary device company Spiration, in which all shares of Spiration will be acquired by Olympus Corporation of the Americas, a North American subsidiary of Olympus. As a result, Spiration is expected to become a consolidated subsidiary of Olympus.
Olympus Medical Systems Corp had previously obtained exclusive rights to market and distribute Spiration’s product in Japan and Europe.
Within the Olympus consolidated group of entities (the Olympus Group), Olympus Medical’s business focuses on providing healthcare professionals with solutions for endoscopic observation, diagnosis and treatment.
Olympus Medical, in its effort to expand endoscopic applications in the Respiratory market, is expanding efforts to address Respiratory conditions not related to lung cancer.
As part of its business development, in 2008, Olympus Medical signed an exclusive distributorship agreement with Spiration, a company specialised in the development of minimally invasive devices for the treatment of acute and chronic conditions of the lungs.
The agreement granted Olympus Medical exclusive rights to market and distribute, through the Olympus Group’s distribution channels in Europe and Japan, Spiration’s Intrabronchial Valve (IBV) Valve System, a device for the bronchoscopic treatment of emphysema and air leaks of the lung. European distribution of the product began in 2008.
Haruhito Morishima, president of Olympus Medical, said: “Spiration possesses a high level of technological capability and deep insights into the respiratory field. Their products are also an ideal complement to the Olympus portfolio of bronchoscopes and equipment.
“We will take advantage of the synergies of the two companies in our development of next-generation endoscopic respiratory products that better help physicians diagnose, treat and observe conditions of the airways and lungs.”
Rick Shea, president and CEO of Spiration, said: “Spiration is committed to helping physicians improve the quality of life for patients with acute and chronic conditions of the lung. We are fortunate to be able to strengthen this commitment by building upon the foundation of our previous productive relationship with Olympus Medical to become a part of the global group of entities organized under the Olympus Corporation.
“Together, we will seek to develop and introduce innovative treatment options that make a positive difference for pulmonary patients around the world.”