Chinese medical devices manufacturer Mindray Medical International has completed its previously announced acquisition of the remaining stake in Wuhan Dragonbio Surgical Implant for RMB435m ($70.2m).
Following the transaction, which was originally announced on 7 July and funded through Mindray’s existing cash reserves, the company will hold 100% of Dragonbio.
Go deeper with GlobalData
Prior to the original announcement, Mindray purchased a 51% stake in Dragonbio for $35.5m in 2012.
Mindray Medical International co-CEO Minghe Cheng said: "Since we acquired a majority stake of Dragonbio in 2012, the integration has been well on track.
"We are optimistic about the prospects of the orthopaedic consumable market in China and have therefore decided to make Dragonbio our wholly owned subsidiary.
See Also:
"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."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataChina-based Dragonbio is a domestic medical orthopaedic products provider and specialises in trauma, spine, joint and other surgical products.
With China pressing ahead to become one of the fastest growing medical device markets in the world, this acquisition is expected to boost the company’s footprint further in the domestic market.
