OSR Holdings to acquire South Korea's medical device company Woori IO
Under the agreement, WORIO will be acquired by OSRH's Korean affiliate, OSR Holdings Co., Ltd (OSRK).
WORIO will become OSRK's wholly owned subsidiary, with the shareholders of the former receiving new OSRK shares.
These shares may be convertible into OSRH common stock on Nasdaq, subject to a $10 per OSRH share condition and other terms.
WORIO shareholders have the option of converting their OSRK shares into OSRH shares at a fixed ratio.
This conversion is contingent upon OSRH's stock price, hitting a minimum of $10.00 at any point within three years after the term sheet is executed.
Should this price target not be achieved within the specified timeframe, both parties are committed to entering into renegotiations.
A six-month exclusivity period is part of the agreement, during which OSRK will carry out confirmatory legal and financial due diligence. The goal is to conclude the acquisition within this timeframe.
Via its subsidiaries, OSRH is involved in various healthcare sectors, including regenerative biologics, immuno-oncology, and the distribution of medical devices.
OSRH CEO Peter Hwang said: "We believe this initial milestone with Woori IO aligns strongly with our mission to accelerate breakthrough healthcare innovations with global impact.
"Woori IO's breakthrough noninvasive glucose monitoring platform, coupled with its high-profile partnership with global companies, puts OSRH in a position to become a first mover in this fast-growing global market."
WORIO's platform is said to leverage near-infrared spectroscopy (NIRS) for the measurement of glucose levels, eliminating the need for finger pricks from diabetes patients.
The technology has already undergone a proof-of-concept trial with the Korea University Hospital (Guro) to validate its prototype devices.
WORIO is preparing for a larger confirmatory study to seek approval from the Korean Ministry of Food and Drug Safety (MFDS).
The company's technology is also seen as a potential addition to wearable glucose monitoring devices such as smartwatches.
"OSR Holdings to acquire South Korea's medical device company Woori IO" was originally created and published by Medical Device Network, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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