OSR Holdings to acquire Woori IO for needle-free glucose monitoring

OSR Holdings (OSRH) has executed a definitive agreement to acquire Woori IO, a company dealing in noninvasive glucose monitoring or NIGM, via a comprehensive share exchange. The acquisition aims to add a potential breakthrough technology for diabetes care, bringing needle-free glucose monitoring closer to patients globally and proprietary near-infrared spectroscopy-based technology which enables this needle-free continuous glucose monitoring, a potential breakthrough in diabetes care; creates and expands opportunities to integrate WORIO’s noninvasive glucose monitoring with health engagement and reward programs. Under the definitive agreement, WORIO will become a wholly owned subsidiary of OSRH’s Korean affiliate, OSR Holdings. WORIO shareholders will receive newly issued OSRK shares worth around $10.5M in exchange for WORIO shares. If, within 3 years of the share exchange, OSRH reaches at least $10 per share, OSRK shares may be converted into OSRH common stock at a ratio of 12.96:1 or approximately 1.09 million new shares. WORIO has partnered with a major global consumer electronics company to advance the clinical development of its noninvasive glucose-monitoring devices.