Korean AI-based cancer diagnostics company, Lunit, is set to acquire global breast cancer solutions provider, Volpara Health, in a deal worth $194.7 million. This marks Lunit’s first ever merger and acquisition, an important milestone as the company works towards its mission of fighting cancer with AI. The acquisition will involve Lunit acquiring all of Volpara’s shares for $0.77 per share in cash, pending approval from Volpara shareholders early next year.
Volpara Health, based in New Zealand, is widely recognized for its AI-enabled software for early detection and prevention of breast cancer. Their breast density imaging device has been utilized by patients in 40 countries, with a staggering 96.5% of their revenue coming from the United States. By acquiring Volpara, Lunit will gain access to an established distribution network in the US market, where Volpara currently holds a 42% market share.
Lunit will also benefit from the vast amount of data collected from the 100 million mammograms performed by Volpara. This data will enable Lunit to enhance the accuracy and capabilities of its AI-powered diagnostics. Lunit CEO, Suh Beom-seok, expressed his excitement about the potential of this acquisition, stating, “Lunit and Volpara Health are unified in our belief in the power of AI-driven software and together, we have the potential to create a powerful engine to better diagnose and care for cancer worldwide.”
This partnership between Lunit and Volpara not only brings together two leaders in the field of AI diagnostics, but also has the potential to revolutionize cancer care on a global scale. With Lunit’s expertise in AI and Volpara’s distribution network, the two aim to develop advanced AI-enabled solutions for breast imaging radiology and other healthcare specialties.
The acquisition of Volpara Health by Lunit reflects the increasing collaboration between healthcare and AI technology. By harnessing the power of AI, companies like Lunit and Volpara are able to make significant advancements in the early detection and treatment of diseases like breast cancer. As AI continues to evolve and improve, these innovations have the potential to save countless lives and transform the future of healthcare.
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