Medical artificial intelligence (AI) company Lunit has signed an agreement to acquire Volpara Health Technologies in a deal valued at around A$292m ($193m).

As part of the scheme implementation agreement, Lunit will acquire all shares of Volpara at a rate of A$1.15 ($0.75) per share through a New Zealand scheme of arrangement.

Based in New Zealand, Volpara is a Certified B Corporation that offers software for the early detection of breast cancer.

Lunit CEO Brandon Suh said: “Volpara’s AI-powered mammography solutions, operational in over 2,000 US medical sites, would catapult Lunit into the forefront of the American market.

“This alliance would position us to lead innovation in cancer diagnostics and therapeutics, benefitting healthcare professionals and patients alike.”

Volpara provides AI-powered image analysis, which enables radiologists to precisely quantify breast tissue. Additionally, it aids technologists in producing mammograms with optimal image quality.

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Healthcare providers can utilise Volpara solutions to obtain a clear understanding of cancer risk, enabling them to offer informed recommendations regarding additional imaging, genetic testing, and other interventions.

Lunit’s in-house radiologists and complementary technologies will enhance Volpara’s repository of over 100 million images with additional AI expertise and solutions.

Volpara CEO and managing director Teri Thomas said: “Lunit’s proposal to acquire Volpara is a testament to the high quality of our products, our significant US market presence and the hard work of our employees.

“By combining Lunit and Volpara, the Group would have the opportunity to develop products that no other company is in a position to do.”

Subject to the successful completion of all steps, the deal is anticipated to be completed in the second quarter of next year.

Last month, Lunit obtained 510(k) clearance from the US Food and Drug Administration for its 3D Breast Tomosynthesis (DBT) AI-powered solution.

Named Lunit INSIGHT DBT, the new AI algorithm is intended for analysing 3D images generated by DBT equipment.’Named Lunit INSIGHT DBT, the new AI algorithm is intended for analysing 3D images generated by DBT equipment.

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