Olympus has signed an agreement to acquire medical device maker Veran Medical Technologies (VMT) through its subsidiary Olympus Corporation of the Americas (OCA) in a deal worth up to $340m.

The deal will strengthen Olympus’ respiratory device portfolio and is part of its corporate strategy to focus and scale its therapeutic solutions division.

OCA CEO and global chief operating officer Nacho Abia said: “We are very excited about acquiring VMT because its portfolio of devices will complement our product portfolio and further strengthen our position in respiratory medical devices.

“The most significant part of this deal is that we will secure immediate access to VMT’s unique electromagnetic navigation system with proprietary devices to build a stronger future respiratory product portfolio.”

A leader in bronchoscopy systems, Olympus’ endoscope technologies will merge well with VMT’s navigational platform and devices to create solutions for better diagnosis of peripheral lung cancer.

VMT CEO Jason Pesterfield said: “We are proud to be joining forces with Olympus, a company with a 100-year legacy and a global reputation for quality, leadership and innovation.

“Olympus has a clear strategy to become a global medtech leader, and we’re excited to contribute our unique capabilities and become part of this journey.”

Olympus hopes that the acquisition will give immediate incremental revenue as well as an experienced sales team within the US market.

Lung cancer is a leading cause of cancer-related deaths worldwide and the necessity for definitive diagnosis of lesions in the peripheral regions of the lungs by tissue biopsy is essential.

In August, Olympus signed a definitive agreement to acquire Arc Medical Design from European pharmaceutical company Norgine.