M&As this week: Shandong Weigao Group Medical Polymer Company, Novartis AG

26 May 2016 (Last Updated May 26th, 2016 18:30)

Shandong Weigao Group Medical Polymer Company, a disposable medical devices manufacturer, has sold 9% of its stake in Shandong Weigao Orthopedic Device Company for a consideration of approximately CNY311m ($47.4m).

Shandong Weigao Group Medical Polymer Company, a disposable medical devices manufacturer, has sold 9% of its stake in Shandong Weigao Orthopedic Device Company for a consideration of approximately CNY311m ($47.4m).

The sale has reduced the equity interest of Shandong Weigao Group to 81% from the previous 90%.

"Some of the funds will also be used for purchasing land use right and building from Weigao Ortho."

The net proceeds from the sale will be used by the group for general working capital. Some of the funds will also be used for purchasing land use right and building from Weigao Ortho.

Novartis AG cis considering selling its stake in F. Hoffmann-La Roche (Roche) for approximately CHF13.7bn ($13.82bn). As of 31 December, 2014, Novartis holds 33% stake in Roche.

Zhejiang Chimin Pharmaceutical, a company based in China, will acquire Linear Chemicals SL, an in-vitro diagnostics (IVD) products manufacturer based in Spain, for €4.99m ($5.59m).

Dong-E-E-Jiao, a Chinese medicines company, has announcement that it will sell its entire 36% stake in Dong'e Ajiaoahua Medical Instrument, a medical equipment company also based in China, for CNY29.6m ($4.52m).