Japanese medical device and optics giant Olympus is acquiring Israeli medtech company BioProtect in a $270 million all-cash deal, expanding its presence in devices used in prostate cancer treatment.
BioProtect, based in Netanya, has developed a biodegradable, balloon-shaped implant designed to protect healthy tissue during radiation therapy for prostate cancer patients. The company’s product is already being sold commercially in the United States and Europe after receiving FDA approval at the end of 2023.
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BioProtect CEO Itay Barnea
(Photos: JPstock / Shutterstock.com , 2026 Dezember Photography)
The company was founded in 2004 by Dr. Adrian Paz, Shaul Shohat and Prof. Avi Domb. Its headquarters, development center and manufacturing operations are located in Netanya, while its commercial activity also includes the United States, where the product was launched in 2024.
BioProtect generated $8 million in revenue in 2024, rising to $14.5 million in 2025. The company employs 130 people, divided evenly between Israel and the United States. Its operations are expected to remain in Israel after the acquisition.
According to BioProtect, 65% of its Israel-based workforce are women, many of them in senior roles. Since its founding, the company has raised about $80 million. Its investors include Israeli venture capital fund Triventures, MVM Partners, Almeda Ventures, Consensus Biogroup and Peregrine.
Itay Barnea, CEO of BioProtect, told Calcalist: “We are selling the company in a $270 million all-cash transaction, with closing taking place at signing. Unlike other deals in the field, we are being acquired as a commercial company and integrated into a large organization.”
According to Barnea, “Combining forces with Olympus’ global marketing network is central to the acquisition, and it is expected to significantly accelerate sales.”
He added: “Radiation treatment for prostate cancer is relatively effective and generally well tolerated, but it can cause side effects. The BioProtect balloon creates a physical barrier between the irradiated prostate and the rectum, enabling greater precision and significantly reducing damage to healthy tissue. To date, more than 11,000 procedures have been performed. New clinical data with four years of follow-up show improved quality-of-life outcomes in sexual, bowel, and urinary function compared to control groups.”
BioProtect’s investors also include the Triventures 4 Fund and the Triventures ARC Fund, in collaboration with Sheba Medical Center.
Michal Geva, managing director at Triventures and one of BioProtect’s early investors, said: “We knew BioProtect for many years before investing, from the time we invested in its sister company OrthoSpace. We entered after radiation treatment protocols changed, from 40-50 low-intensity sessions to a smaller number of high-intensity treatments. That shift increased the need for effective protection of healthy tissue and expanded the market opportunity.”
Geva added that “the product has clinical advantages over existing competitors due to its biodegradable properties, which provide protection throughout the course of treatment. After we joined, I recruited Itay Barnea, whom I worked with for years at OrthoSpace, later sold to Stryker in 2019, to lead the company to its next stage. He worked with a strong Israeli and US team and helped grow revenue to $8 million in the first year after launch.”
According to Geva, “Olympus did not previously have such a product, but it has a strong presence in urology. The main competitors are Boston Scientific and Teleflex, and Olympus is now gaining a foothold in the market. Most medtech deals include contingent payments that do not always materialize. This is a cash-only deal, which is relatively rare in the industry.”
BioProtect was founded inside the Xenia Ventures incubator with the aim of developing a biodegradable polymer platform to protect healthy tissue during medical procedures. Its balloon implant is inserted between the prostate and rectum in patients undergoing radiation therapy. The device is then filled with saline solution, creating a barrier of more than 1.5 centimeters that moves healthy tissue away from the radiation field. After treatment, the implant naturally biodegrades and is absorbed by the body.
In 2009, BioProtect adapted its technology for orthopedic use, leading to the creation of the spin-off company OrthoSpace. In 2019, OrthoSpace was acquired by US orthopedic giant Stryker for $110 million in cash, with milestone payments that brought the potential value of the deal to as much as $220 million.
Barnea, who led OrthoSpace through that exit, later left Stryker and returned to BioProtect as CEO.