Terumo Corporation has signed an agreement to purchase Essen Technology (Beijing) Co Ltd.
Essen Technology will receive an upfront payment of CNY879m (129.67m) from Terumo as well as milestone payments contingent upon future performance, as part of the agreement.
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The transaction is expected to be closed this year, subject to certain pre-conditions.
Terumo will fund the transaction through cash in hand.
Based in Japan, Terumo is a medical devices manufacturer, while Essen Technology is a China-based manufacturer and marketer of drug-eluting stents (DES).
The acquisition will enable the acquirer company to expand the sales of its drug-eluting stents in China.
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