Global healthcare holding company OSR Holdings, Inc. (NASDAQ: OSRH) said on Tuesday that it has executed a definitive agreement to acquire Woori IO Co., Ltd., South Korea-based medical device company developing non-invasive glucose monitoring technologies, via a comprehensive share exchange.

The deal adds Woori IO's proprietary near-infrared spectroscopy based continuous glucose-monitoring technology and an established partnership with a major global consumer electronics company to advance clinical development.

Under the deal, Woori IO will become a wholly owned subsidiary of OSR Holdings Co., Ltd. (OSRK), OSR's Korean affiliate, and Woori IO shareholders will receive newly issued OSRK shares worth KRW15bn, approximately USD10.5m. If OSR Holdings reaches at least USD10 per share within three years, the OSRK shares may be converted into OSR Holdings common stock at a ratio of 12.96:1, representing roughly 1.09 million new shares.

OSR said the acquisition strengthens its medical-device platform, diversifies its healthcare portfolio, and targets recurring revenue from the global glucose-monitoring market. OSR also highlighted opportunities to integrate Woori IO's devices with digital health engagement and reward programs and said the technology could accelerate product development, supply readiness, and commercialisation.