OSR Holdings, Inc. has made the news by announcing it has signed a final agreement to buy Woori IO Co., Ltd., a company known for its work in noninvasive glucose monitoring. The deal will be done through a full share exchange and is part of OSRH’s goal to lead in medical innovation. This acquisition brings a new way to manage diabetes, aiming to get closer to a needle-free glucose monitoring system. Adding WORIO’s technology to OSRH’s offerings makes their portfolio stronger and gives patients a safer, more convenient, and accurate option compared to what’s available now.
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By including WORIO in its group, OSRH wants to grow its medical device business and increase recurring revenue in a market that’s quickly growing. WORIO’s main invention uses near-infrared spectroscopy (NIRS) to allow for continuous glucose monitoring without needles. This could change how diabetes is managed and shows a lot of promise. WORIO has also built up trust through a partnership with a big global consumer electronics company, which is helping move the technology through clinical testing. The acquisition also opens up possibilities for linking WORIO’s system with digital health programs and reward systems based on tokens.
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The agreement will result in WORIO becoming a fully owned part of OSRH’s Korean branch, OSR Holdings Co., Ltd. (OSRK). Shareholders of WORIO will get new OSRK shares worth KRW 15 billion, which is roughly USD 10.5 million. If OSRH’s stock hits or goes over USD 10 per share within three years, those OSRK shares can be turned into OSRH common shares at a rate of 12.96 to 1, which equals about 1.09 million new shares. OSRH thinks the valuation of WORIO is very good, especially when compared to big names in continuous glucose monitoring like Dexcom, which have much higher valuations.
Peter Hwang, the CEO of OSRH, is confident about this acquisition, calling it a great opportunity bought at a good price. He says adding WORIO adds a well-known platform in noninvasive glucose monitoring without causing any immediate loss for OSRH shareholders. Hwang believes this move lets shareholders enjoy the growth of a new healthcare solution without losing their current shares. He also says this acquisition helps OSRH take a strong position in the diabetes technology field.
Sunkie Park, CEO of WORIO, is excited to join the OSR Holdings family and sees this as a big step for the company. He feels that OSRH’s global network and resources will be key in expanding and developing WORIO’s needle-free glucose monitoring systems. Park also mentions that the company plans to look into other uses for its technology, like broader digital health solutions, to help patients and healthcare providers more. WORIO’s early development was helped by a partnership with a major electronics company, which provided non-dilutive funding and even had staff involved in testing the device. For regulation, WORIO plans to start clinical trials at a top hospital in Seoul. These trials will use the hospital’s medical expertise and provide data that could help get the device approved in more regions. Now that the acquisition is done, WORIO can benefit from OSRH’s leadership and international connections to speed up development, ensure a steady supply, and help the device get to market faster. Dr. Constance Höfer, OSRH’s Chief Scientific Officer, says this technology could completely change how glucose is monitored. She also thinks that continuous, noninvasive data collection could help with research in areas beyond diabetes, including metabolic health, cancer tracking, physical performance, and exercise physiology.
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