Update on Lunit's Acquisition of Volpara: New Zealand High Court Initial Approval Secured

- Volpara shareholder meeting to be held on April 12, 2024: Culminating the acquisition journey for Lunit, finalization set for May

SEOUL, South Korea, March 13, 2024 /PRNewswire/ -- Lunit (KRX:328130.KQ), a leading provider of AI-powered solutions for cancer diagnostics and therapeutics, today announced a significant update on its acquisition of Volpara Health Technologies (Volpara; ASX:VHT). An initial order from the High Court of New Zealand has been granted, and all necessary consents under New Zealand's Overseas Investment Act and Overseas Investment Regulations have been secured to facilitate the implementation of the Scheme. The initial order signals approval and mandates the upcoming shareholder meeting as the next step.

The Scheme, which involves Lunit acquiring all of Volpara's shares at a price of AUD 1.15 (USD 0.76) per share, is now set to progress to a shareholder meeting. Volpara shareholders are invited to attend the Scheme meeting scheduled for April 12, 2024. During this meeting, shareholders will cast their votes on the proposed acquisition.

Should Volpara shareholders endorse the Scheme, Lunit will proceed to acquire the entire shareholding at the agreed price. This acquisition encompasses a total of 254 million shares, amounting to a substantial deal valued at about AUD 292 million (USD 193 million). The takeover is expected to be finalized by May 2024, marking a pivotal moment in Lunit's global expansion and commitment to conquer cancer through AI.

"We're 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," said Brandon Suh, CEO of Lunit. "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."

The acquisition is poised to position Lunit as a leading force in the American market, leveraging Volpara's mammography solutions operational in over 2,000 U.S. medical sites. Additionally, Volpara's repository of over 100 million high-quality mammography images significantly contributes to enhancing Lunit's AI-powered solutions and laying the foundation for the development of autonomous AI models in the future.

To delve deeper into Lunit's strategic plan for acquiring Volpara, please refer to our earlier announcement.

About Lunit

Founded in 2013, Lunit is a deep learning-based medical AI company on a mission to conquer cancer. We are 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, our 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, our 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.

About Volpara Health Technologies Limited (ASX: VHT)

Volpara Health Technologies makes software to save families from cancer. Volpara helps leading healthcare providers positively impact communities around the world. They use Volpara solutions to better understand cancer risk, empower patients in personal care decisions, improve and maintain quality, and guide recommendations about additional imaging, genetic testing, and other interventions. 

Volpara's focus on customer value means that their 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, their 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. Volpara is based in Wellington, New Zealand, with an office in Seattle. 

For more information, visit www.volparahealth.com.

SOURCE Lunit