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.
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.
"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."
China-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.