Korean medical device firms have been actively engaging in mergers and acquisitions (M&A) since the start of the year, aiming to maximize synergies and create new growth drivers.

Korean medical device companies have been conducting active M&A since the start of this year. (credit: Getty Images)
Korean medical device companies have been conducting active M&A since the start of this year. (credit: Getty Images)

Notably, these companies are adopting diverse strategies, including acquiring businesses outside their primary sectors, in response to the rapidly changing external environment.

Recently, LifeSemantics acquired Paprica Care, a health management application operator. The company plans to integrate its personal health record platform with Paprica Care to develop an AI service enhancement and convergence model.

The acquisition of Paprica Care was conducted through a public auction, and the acquisition includes the Paprica Care application available on the Google Play Store and Apple App Store, along with its service data and user information. The application has 450,000 reported downloads and 230,000 registered members as of 2022

With this acquisition, LifeSemantics aims to optimize its digital health platform, incorporating Paprica Care's extensive customer prescription and medication management records.

Seegene also announced the acquisition of Brex., an IT company, marking its first venture into the IT sector.

Brex. is a specialist in software planning and UX/UI design, having worked on major projects with companies like Shinhan Bank, Shinhan Card, Coupang, and E-Mart.

Seegene stressed that the acquisition is driven by its commitment to digital innovation, viewing Brex. as a reliable and collaborative partner for internal digital transformation projects.

Seegene has been integrating various IT technologies into its bio-reagent solutions. The company has been working towards establishing a global IT platform for its syndromic quantitative polymerase chain reaction (PCR) technology.

Selvas Group is also accelerating its business expansion by finalizing the acquisition of Mediana, a manufacturer of patient monitoring devices.

Selvas AI and Selvas Healthcare completed the share purchase agreement, securing 31.69 percent and 5.83 percent stakes in Mediana, respectively.

Selvas AI is the only Korean AI company successfully commercializing products with a profitable cycle.

Selvas Healthcare is speeding up its AI cardiac ultrasound business, in partnership with Ultrasite through a joint venture approved by the U.S. FDA. Mediana, specializing in defibrillators and patient monitors, will now collaborate with Selvas Group to innovate in AI telemedicine and the med-tech market.

In addition, Eghis Healthcare recently acquired Point Implant's medical division, aiming to increase its market share in the EMR program sector for clinics.

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