Strategic Update on OSR Holdings' Woori IO Term Sheet and Share Exchange Agreement Structure
OSR Holdings Acquires South Korean Medical Device Company Woori IO
In a significant move towards advancing noninvasive glucose monitoring technology, global healthcare holding company OSR Holdings, Inc. has announced a strategic acquisition of Woori IO Co., Ltd., a South Korean medical device company specializing in noninvasive biosensing technologies.
Woori IO, selected to participate in Samsung Electronics' innovative startup program, C-Lab Outside, in Q1 2025, is renowned for its proprietary Near-Infrared Spectroscopy (NIRS)-based system. This technology enables accurate, pain-free glucose tracking, making it suitable for integration into wearable devices like smartwatches.
The transaction aims to result in Woori IO becoming a wholly owned subsidiary of OSR Holdings' Korean affiliate, OSRK. Woori IO shareholders will receive newly issued OSRK shares, with an option to exchange them for OSRH common stock if OSRH's share price reaches $10.00 or more within three years.
The global blood glucose monitoring device market is projected to exceed $40 billion by 2030, driven by rising diabetes prevalence and increasing demand for painless, real-time monitoring. The noninvasive glucose monitoring market, currently dominated by companies like Dexcom and Abbott, has a tremendous unmet need and market potential.
OSR Holdings, a global healthcare company specializing in biomedical and wellness innovation, is engaged in immuno-oncology, regenerative biologics, and medical device technologies. The company will continue confirmatory legal, financial, and technical due diligence on Woori IO during a 6-month exclusivity period.
It's worth noting that no company worldwide has received regulatory approval for truly noninvasive glucose monitoring. Institutions involved in developing unique, non-invasive glucose measurement devices include Apple (USA), Googleβs Verily Life Sciences (USA), and certain research universities such as MIT (USA) and Fraunhofer Institute (Germany). These projects are currently in various stages from advanced prototyping to clinical trials.
OSR Holdings looks forward to engaging with investors as this transaction develops. The target is to execute definitive agreements within the 6-month exclusivity period. The acquisition is set to strengthen OSR Holdings' position in the global healthcare market and contribute to the advancement of painless, real-time glucose monitoring technology.
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