Medical AI company Lunit completes US$193m acquisition

Lunit, which develops medical AI software for cancer screening and treatment, first announced the deal in December and was able to complete the entire transaction in eight months.

The company said the acquisition marked a “significant milestone” in its “mission to conquer cancer”.

“We are thrilled to welcome Volpara into the Lunit family. Today, we take a monumental step towards revolutionising our approach to cancer care,” said Brandon Suh, chief executive officer of Lunit.

“By combining our strengths, we are creating a formidable alliance in the industry, particularly in the US market. This merger enables us to develop and deliver innovative, life-saving solutions that meet critical needs in cancer diagnostics.

“While our initial focus remains on breast cancer, both Lunit and Volpara are committed to broadening our offerings to address a wider range of cancers and medical conditions. Together, we will enhance our technological capabilities and strengthen our mission to lead the global fight against cancer.”

Founded in 2013, Lunit uses AI-powered medical image analytics and AI biomarkers to improve cancer diagnosis and treatment. Its FDA-cleared Lunit INSIGHT suite for cancer screening serves over 3,000 hospitals and medical institutions.

Wellington-based Volpara offers software for the early detection of cancer. The strategic move, according to insiders, comes after last year Lunit conducted an “exhaustive” evaluation of possible ways to expand.

The acquisition is expected to boost Lunit’s capabilities in cancer diagnostics and create a “holistic” AI suite that will enhance breast screening.

Teri Thomas, CEO of Volpara, said: “This merger represents an exciting opportunity to enhance our impact on global healthcare.

“We can significantly improve early cancer detection and patient outcomes by integrating Volpara’s innovative breast screening technology with Lunit’s AI capabilities.”

She added: “Together, we aim to set new standards in cancer diagnostics and drive forward advancements that will benefit healthcare providers and patients globally.

“Our shared vision to conquer cancer will undoubtedly pave the way for transformative developments in medical AI.”