Volpara Health enters agreement to be acquired by Lunit, Inc.
WELLINGTON, New Zealand, Dec. 13, 2023 /PRNewswire/ -- Volpara Health Technologies ("Volpara," "the Group," or "the Company"; ASX:VHT), a global leader in software for the early detection of breast cancer, is pleased to announce it has entered into an agreement to be acquired by Lunit Inc. Under the terms of the agreement, Lunit would acquire all shares of Volpara stock for A$1.15 per share in cash, representing a 47.4% premium to the Company's closing stock price on December 13, 2023.
The transaction is expected to accelerate Volpara's ability to serve its purpose of saving families from cancer. With the support of Lunit's in-house radiologists and complementary technologies, Volpara's repository of more than 100 million images would be strategically augmented by additional AI expertise and solutions. Together the companies plan to explore new opportunities in global markets and offer a broader portfolio of products in Volpara's largest market, the US.
CEO and Managing Director of Volpara, Teri Thomas said: "Lunit's interest in acquiring Volpara is a strong testament to the high quality of our products, our significant US market presence, and the hard work of our employees. Working together, Lunit and Volpara would have the opportunity to develop products that very few companies are in a position to do. This is expected to put us at the forefront of cancer technology and position us as a global leader in our field."
The offer will be implemented by way of a scheme of arrangement ("Scheme"), a common process for acquisitions in Australia / New Zealand. Volpara shareholders will have the opportunity to vote on the proposed Scheme at a meeting in early Q2 2024. If all the conditions are satisfied, the proposed Scheme is expected to be implemented by Q2 2024.
See full details in the ASX announcement.
About Volpara Health Technologies Limited (ASX: VHT)
Volpara Health Technologies makes software to save families from cancer. Volpara helps leading healthcare providers positively impact their patients and families around the world. They use Volpara solutions to better understand cancer risk, empower patients in personal care decisions, improve and maintain mammogram quality, provide objective mammogram density, and speed up and smooth the arduous reporting necessary for mammography accreditation.
Volpara's focus on customer value means that its AI-powered image analysis enables radiologists to quantify breast tissue with precision and helps technologists produce mammograms with optimal image quality. In an industry facing increasing staff shortages, Volpara's software helps streamline operations and provides key performance insights that support continuous quality improvement.
A Certified B Corporation, Volpara is the preferred partner of leading healthcare institutions around the world. It maintains the most rigorous security certifications and holds over 100 patents and numerous regulatory registrations, including FDA clearance and CE marking. With a strong sales base in the United States and Australia, Volpara is based in Wellington, New Zealand, with an office in Seattle.
For more information, visit www.volparahealth.com.
About Lunit (KRX:328130.KQ)
Founded in 2013, Lunit is a deep learning-based medical AI company on a mission to conquer cancer. Lunit is committed to harnessing AI to ensure accurate diagnosis and optimal treatment for each cancer patient using AI-powered medical image analytics and AI biomarkers.
As a medical AI company grounded on clinical evidence, Lunit's findings are presented in major peer-reviewed journals, such as the Journal of Clinical Oncology and the Lancet Digital Health, and global conferences, including ASCO and RSNA.
After receiving FDA clearance and the CE Mark, Lunit's flagship Lunit INSIGHT suite is clinically used in approximately 3,000+ hospitals and medical institutions across 40+ countries. Lunit is headquartered in Seoul, South Korea, with offices and representatives worldwide. For more information, please visit lunit.io.
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SOURCE Volpara Health, Inc.
