Camera and optics technology producer Olympus has agreed to acquire one of its portfolio companies, Israel-based medical device maker Medi-Tate for $260m.
Olympus invested an undisclosed amount in Medi-Tate in 2018 as part of a distribution agreement, and held an 18.5% stake prior to the transaction, which involves it exercising a call option to buy all the company’s remaining shares.
Founded in 2007, Medi-Tate develops and sells implantable medical devices used to treat benign prostatic hyperplasia, a condition that affects the urethra and bladder in men and causes urinary tract problems.
The company’s flagship product, iTind, is cleared for sale in Europe and the United States. The proposed deal is a part of Olympus’ plans to grow its therapeutic solutions division and expand the range of minimally invasive surgical treatments it offers.
Medi-Tate has secured $37m of funding to date, according to Calcalist, including an undisclosed amount from medical equipment manufacturer Laborie in 2016. Its other shareholders include its CEO, Ido Kilemnik, who owns a 14.2% stake, Xenia Venture Capital (14.1%) and P&T International Group (8%).