07.29.15
Mindray Medical International Ltd., an orthopedic device manufacturer based in Shenzhen, China, has acquired the remaining stake in Wuhan Dragonbio Surgical Implant Co. Ltd, another Chinese orthopedic device maker.
Mindray had acquired a controlling stake in the company in 2012. The remaining stake will cost the company approximately $72.6 million. The transaction will be funded through Mindray’s existing cash reserves. Mindray expects the deal to have non-material impact on its 2015 financial results.
“Since we acquired a majority stake of Dragonbio in 2012, the integration has been well on track,” said Minghe Cheng, Mindray’s co-CEO and chief strategic officer. “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.”
Mindray had acquired a controlling stake in the company in 2012. The remaining stake will cost the company approximately $72.6 million. The transaction will be funded through Mindray’s existing cash reserves. Mindray expects the deal to have non-material impact on its 2015 financial results.
“Since we acquired a majority stake of Dragonbio in 2012, the integration has been well on track,” said Minghe Cheng, Mindray’s co-CEO and chief strategic officer. “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.”