Camera and optics technology manufacturer Olympus has agreed a $340m deal to buy Veran Medical Technologies, a US-based provider of cancer diagnostics systems, enabling hospital operator Rex Healthcare to exit.
Veran develops medical devices used for the diagnosis and treatment of various cancers. Its electromagnetic thoracic navigation system is capable of providing thoracic guidance for lung cancer treatments.
Olympus will acquire Veran through its Olympus Corporation of the Americas subsidiary, and the deal will allow it to combine its endoscope technology with Veran’s navigation products to improve the diagnosis of peripheral lung cancer.
Veran received a $20m investment from medical technology producer BTG in November 2018 and agreed a $35m credit facility from Madryn Asset Management the following month.
The company had previously raised $31m in debt and equity financing in a 2016 round that took its total financing to just over $100m. Versant Ventures and River Cities Capital Funds put in in the equity funding while healthcare-focused specialty finance firm Oxford Finance provided the debt.
In 2015, the company received $30.6m in a round co-led by Versant Ventures and River Cities Capital that included Rex Healthcare’s VC arm, Rex Health Ventures, as well as Prolog Ventures, Advantage Capital Partners, 3G Capital, Dynamic Investments and Vectis.
Veran had previously secured at least $31.8m from investors including Prolog Ventures and Advantage Capital across three rounds between 2008 and 2014.