Chinese authorities have given their OK for a joint venture between MicroPort Scientific Corp. and Sorin Group. The new company received a registration certificate from Shanghai Administration for Industry and Commerce.
The Shanghai-based joint-venture company, named MicroPort Sorin CRM (Shanghai) Co. Ltd, is scheduled to begin operations in June.
The combined firm will go after the growing cardiovascular medical device market in China and will focus on developing cardiac rhythm management (CRM) devices (implantable pacemakers, defibrillators, cardiac resynchronization devices and related devices) in China.MicroPort holds a 51 percent stake, while Sorin holds the remaining 49 percent.
In accordance with the agreement, MicroPort and Sorin will make initial capital contributions of, respectively, $10.2 million and $9.8 million in cash in the joint-venture. Under the agreement, the two companies will collaborate on the import, sale and service of Sorin’s CRM devices in China and, in accelerating the development of locally manufactured CRM products for the Chinese market.
Most recently, MicroPort made headlines for its acquisition of the large-joint (hips and knees) business of Wright Medical Technology Inc. The company’s new orthopedic arm is located in Arlington, Tenn.
The Milan, Italy-based Sorin Group makes medical technologies for cardiac surgery and for the treatment of cardiac rhythm disorders. With 3,750 employees worldwide, the company focuses on two major therapeutic areas: cardiac surgery (cardiopulmonary products for open heart surgery and heart valve repair or replacement products) and cardiac rhythm management (pacemakers, defibrillators, cardiac resynchronization devices). - See more at: http://www.mpo-mag.com/issues/2014-03-01/view_columns/microport-and-sorin-partner-to-grab-share-of-chinas-crm-market/#sthash.g2ABfR5Z.dpuf
MicroPort Scientific Corp. is a China-based medical device company. The firm maintains operations in the cardiovascular, orthopedics, electrophysiological, endovascular, neurovascular, surgical management, diabetes care, and endocrinal management markets.
Most recently, MicroPort made headlines for its acquisition of the large-joint (hips and knees) business of Wright Medical Technology Inc. The company’s new orthopedic arm is located in Arlington, Tenn.
The Milan, Italy-based Sorin Group makes medical technologies for cardiac surgery and for the treatment of cardiac rhythm disorders. With 3,750 employees worldwide, the company focuses on two major therapeutic areas: cardiac surgery (cardiopulmonary products for open heart surgery and heart valve repair or replacement products) and cardiac rhythm management (pacemakers, defibrillators, cardiac resynchronization devices).