2024-01-29 01:58:26
Chinese medical device company Shenzhen Mindray Bio-Medical Electronics said it plans a 6.65 billion yuan ($927 million) deal to take control of APT Medical to expand into related businesses to cardiovascular diseases.
A 100%-owned unit of Mindray will buy a 21.12% stake in APT Medical from existing shareholders, including funds linked to venture capital investment firm Qiming Venture, for 6.65 billion yuan, a Mindray said on Sunday.
The Mindray unit will become the controlling shareholder of APT Medical following the transaction, according to a Mindray filing to the Shenzhen stock exchange.
APT Medical’s primary products include catheters used in electrophysiology, a field that involves measuring the heart’s electrical system to detect abnormalities, and sheaths used in invasive treatments for blockage of peripheral blood vessels.
The purchase of this 21.12% stake set the price of each APT Medical share at 471.12 yuan, a premium of 30.67% compared to APT Medical’s last closing price, which amounted to 360.53 yuan.
Mindray said the deal is awaiting approval from China’s anti-monopoly watchdog. It also involves the Mindray unit purchasing part of a general partner’s interest in a company that owns a 3.49 percent stake in APT Medical for 1.3 million yuan.
The broader medical device market in the areas of electrophysiology and interventional blood vessel treatments in China is still dominated by foreign rivals such as Johnson & Johnson and Abbott Laboratories, APT Medical said in its 2023 half-year report in August .
Mindray does not currently have in-house products in the specific areas that APT Medical specializes in, although it does have some products that can be used to aid in the diagnosis of cardiovascular disease more generally.
Major acquisitions Mindray has made in recent years include the €545 million ($591.00 million) deal for Finnish company HyTest Invest Oy, announced in 2021.
($1 = 7.1763 Chinese yuan renminbi)
(1 $ = 0,9222 euros)
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