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Lunit buys breast cancer detection AI firm Volpara Health

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 Teri Thomas, chief executive of Volpara Health (left), Brandon Suh, CEO of Lunit

Lunit Inc., a South Korean cancer diagnostics AI company, has completed the acquisition of Volpara Health Technologies Ltd., a New Zealand-based AI software developer for breast cancer detection, for 264.7 billion won ($194 million), the two companies said on Wednesday.

The deal is expected to improve Lunit’s cancer diagnostics capabilities and facilitate its entry into the US market. Volpara derives almost all its revenue from the world’s largest healthcare market.

Kosdaq-listed Lunit acquired the full ownership of Volpara.

“Lunit integrates Volpara’s advanced breast health platform such as breast density assessment, Scorecard™ and screening workflow enhancement with its AI-powered solutions for breast cancer detection,” Lunit said in a press release.

Volpara Scorecard refers to an AI software used to assess breast tissue composition.

“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,” said Brandon Suh, chief executive of Lunit.

The family medicine specialist is also known as his Korean name Beomseok Suh.

Brandon Suh, CEO of Lunit

AI technology has been developing fast enough to interpret X-ray images, threatening radiologist jobs, while its demand grows.

“With the improvement of AI performance and accuracy, I think we will be able to perform medical services with AI alone (in areas such as X-ray analysis). This means that doctor intervention may not be necessary,” Suh added.

He earned a bachelor’s degree in biology science at KAIST, or Korea Advanced Institute of Science & Technology, the country’s prestigious research-focused university. 

The acquisition is expected to help Lunit develop autonomous AI models to screen, detect and diagnose cancer.

It will also leverage Volpara’s broad customer base in the US and utilize the latter’s vast amount of multinational and multiethnic medical and clinical data.

Researchers examine a lung cancer detection software developed by Lunit

Volpara, with an office in Seattle, supplies breast cancer detection software to 2,000 medical examination institutions in the US.

The AI-powered cancer diagnostics market is expected to continue to grow, after the US Preventive Services Task Force (USPSTF) recently recommended that the breast cancer screening age be lowered from 50 to 40.

Lunit will promote Volpara’s products in Europe, Asia, the Middle East and South America, where it has established a foothold.

By Yoo-Rim Kim

youfirst@hankyung.com

Yeonhee Kim edited this article

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