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Lunit’s Acquisition of Volpara Approved by Overwhelming Majority at Shareholder Meeting

2024-04-15 2 min read


Lunit’s Acquisition of Volpara Approved by Overwhelming Majority at Shareholder Meeting

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Lunit, a South Korean medical AI company, announced on April 15 that its acquisition of Volpara Health Technologies was approved by 96.92% of the votes at Volpara’s shareholder meeting held on April 12. The New Zealand High Court had already approved Lunit’s acquisition plan in March, and a second verification of this shareholder meeting’s results is planned to confirm its legitimacy.

As a result of the vote, trading of Volpara’s shares, which are listed on the Australian stock market, will be suspended and the company will be delisted starting May 4, as Volpara becomes a wholly-owned subsidiary of Lunit.

Lunit announced the acquisition of Volpara last December to boost its competitiveness in the global medical AI market and establish a leading position in the U.S. market. This acquisition includes specialized solutions for breast cancer screening and a robust sales network in the U.S.

Volpara holds over 100 million mammography datasets, expected to significantly contribute to Lunit’s goals of developing a precision medicine and extensive AI platform. Additionally, leveraging Volpara’s deep understanding of the U.S. market, Lunit anticipates enhancing its sales capabilities in the U.S., the largest medical market in the world.

Beomseok Seo, CEO of Lunit, remarked, “The overwhelming support in this shareholder meeting shows that Volpara’s shareholders strongly agree with Lunit’s long-term vision and strategy. With this acquisition, Lunit aims to further strengthen its foothold in the U.S., the largest medical market, and continue its expansion as a global leader in medical AI.”

[Korean Medical AI Startup News]

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