Mindray Medical International, a medical technology company, has signed an agreement to purchase the remaining interest in Wuhan Dragonbio Surgical Implant, for around US$72.6 million.
Dragonbio supplies medical orthopaedic products in China. The company is a domestic medical orthopaedic-product provider, which is specialized in trauma, spine, joint and other surgical products.
In 2012, Mindray acquired controlling stake in Wuhan Dragonbio Surgical Implant, for around US$ 35.5 million.
“We are optimistic about the prospects of the orthopedic consumable market in China and have therefore decided to make Dragonbio our wholly owned subsidiary. The transaction is expected to help us manage and expand the business more efficiently and effectively through our strong capital position, large-scale operational experience and worldwide presence,” said Minghe Cheng, Co-chief Executive Officer and Chief Strategic Officer, Mindray Medical International.
The deal is expected to complete by the end of this month.
Based in Shenzhen of China, Mindray develops and markets medical devices and it operates primarily in three business segments, including patient monitoring and life support, in-vitro diagnostics and medical imaging systems.