Lunit CEO Brandon Suh. Image: Lunit

Lunit, a provider of AI-powered cancer diagnostics and therapeutics, has acquired Volpara Health Technologies, a global leader in breast cancer screening software. Last year when the acquisition was first announced Lunit shared plans to acquire all Volpara shares at AUD 1.15 per share, amounting to a deal worth approximately AUD 292 million (USD 193 million).

The acquisition merges Volpara’s advanced breast health platform with Lunit’s AI solutions, creating a comprehensive suite that enhances all aspects of breast cancer screening and diagnostics. Volpara’s technologies, including breast density assessment and Scorecard, will now integrate with Lunit’s AI-powered breast cancer detection systems. This merger results in a holistic AI suite that improves detection capabilities and streamlines administrative processes, positioning the combined entity as a leader in the market.

Volpara’s established presence in over 2,000 U.S. medical sites provides Lunit with a robust entry point into the American market, the largest healthcare market globally. The U.S. AI healthcare market is expected to grow significantly, driven by the need for efficient healthcare services and cost savings. Additionally, the recent recommendation by the U.S. Preventive Services Task Force to lower the breast cancer screening age from 50 to 40 years is likely to increase demand for screening, presenting a substantial opportunity for Lunit.

Lunit plans to introduce its AI solutions to this large market, enhancing accessibility and adoption. In turn, Volpara’s solutions will be promoted across Europe, Asia, the Middle East, and South America, where Lunit has a strong market presence. This strategic expansion will broaden the reach of both companies, solidifying their position as global leaders in cancer diagnostics.

“We are thrilled to welcome Volpara into the Lunit family. Today, we take a monumental step towards revolutionizing our approach to cancer care. By combining our strengths, we are creating a formidable alliance in the industry, particularly in the U.S. market. This merger enables us to develop and deliver innovative, life-saving solutions that meet critical needs in cancer diagnostics,” said Brandon Suh, CEO of Lunit. “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.”

“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. 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,” added Teri Thomas, CEO of Volpara.

Founded in 2013, Lunit is a medical AI company dedicated to conquering cancer. Lunit utilizes AI-powered medical image analytics and AI biomarkers to ensure accurate diagnosis and optimal treatment for cancer patients. Its flagship product, the FDA-cleared Lunit INSIGHT suite for cancer screening, serves over 3,000 hospitals and medical institutions in more than 40 countries.

Show CommentsClose Comments

Leave a comment