Lunit Aiming for US Market Entry, Acquisition of Volpara Near Completion

Medical artificial intelligence (AI) company Lunit is nearing the final stages of acquiring Volpara Health Technologies, which it aims to secure as a foothold for global expansion including in the United States.

According to Lunit on the 15th, at the shareholders' meeting of New Zealand company Volpara held on the 12th, the acquisition proposal by Lunit was approved with 96.92% of the votes in favor. The remaining procedure is the final approval from the New Zealand High Court. The court approval process is divided into two stages, and the first approval was already obtained in March. The company explained, "The second approval is a formal review of the validity and legitimacy of the shareholders' meeting results," adding, "With the first court approval, virtually all legal procedures have been completed."

The acquisition price for Volpara set by Lunit last December is 293.53 million Australian dollars (approximately 252.5 billion KRW). The price per share is 1.15 Australian dollars (about 1,000 KRW), which represents a 47% premium compared to the stock price of 0.78 Australian dollars at the time of the acquisition announcement. Lunit plans to pay the acquisition price to existing shareholders next month and proceed with the suspension of trading and delisting procedures for Volpara shares listed on the Australian stock market, thereby incorporating Volpara as a 100% owned subsidiary.

The company aims to strengthen its competitiveness in the global medical AI market through this acquisition and secure a leading position in the U.S. market by leveraging Volpara’s breast cancer screening specialized solutions and its strong sales network in the United States. Additionally, the over 100 million mammography data held by Volpara is expected to significantly contribute to Lunit’s pursuit of precision medicine and the establishment of a super-large AI platform.

Seobum Seok, CEO of Lunit, said, “The overwhelming support shown at this shareholders' meeting demonstrates that Volpara shareholders deeply resonate with Lunit’s long-term vision and strategy,” adding, “Through this acquisition, Lunit will further solidify its position in the world’s largest medical market, the United States, and continue to grow as a global medical AI company.”