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Lunit, a deep learning-based medical AI company based in South Korea, moved closer to acquiring Volpara Health Technologies Ltd. after the high court in New Zealand issued first-phase approval for the deal.
Lunit is trying to buy Volpara Health, which specializes in making software to save people from cancer. To fulfill its mission of conquering the deadly disease through modern technology, Lunit needs to secure approval from regulators in NZ since the latter is headquartered in the region.
Moving Forward With the Buyout Deal
According to The Korea Economic Daily, the Lunit and Volpara Health agreement is finally moving forward after the high court gave its "go-ahead" for the deal to proceed. With how things are progressing, it was reported that the companies may finalize their acquisition contract by May.
On Thursday, May 14, the South Korean medical AI firm announced it had secured the first approval from the High Court of New Zealand for its plan to buy the NZ-based AI breast cancer diagnostics solutions company.
Moreover, Lunit shared that the acquisition process required by the local court in the region consists of key steps. The first is obtaining the shareholders' approval and the sale vote, and the second is assessing the validity and effectiveness of the meeting's outcome. It was noted that Volpara scheduled a shareholders' meeting for April 12.
Lunit in the American Market
Meanwhile, Lunit's acquisition of Volpara will position the company as a dominant force in the U.S. market for mammography solutions. Once merged, the companies will also improve related artificial intelligence solutions while laying out the foundation for the development of autonomous AI models in the future.
"We are pleased to announce the High Court's approval, a significant step in our remarkable journey. As we approach the final stage where Volpara's shareholders will cast their votes, I would also like to share that our funding for this acquisition is progressing seamlessly, ensuring everything is on track," Lunit's chief executive officer, Brandon Suh, said in a press release. "We are confident that the synergies between Lunit and Volpara will create a powerful force in advancing AI-driven solutions for the benefit of cancer care professionals and patients worldwide."
Photo by: Lunit Press Release
