OSR Holdings (OSRH) has signed a term sheet to acquire South Korea’s medical device company, Woori IO (WORIO). WORIO will become OSRH’s wholly owned subsidiary, with shareholders receiving new OSRK shares convertible into OSRH common stock on Nasdaq. A $10 per OSRH share condition and other terms apply. WORIO’s noninvasive glucose monitoring platform uses near-infrared spectroscopy (NIRS) to eliminate finger pricks for diabetes patients. The technology has undergone a proof-of-concept trial with Korea University Hospital (Guro) and is preparing for a larger study for Korean Ministry of Food and Drug Safety approval. OSRH CEO Peter Hwang aims to accelerate breakthrough healthcare innovations with this acquisition.

Read more at Yahoo Finance: OSR Holdings to acquire South Korea’s medical device company Woori IO