Mindray Medical International acquired remaining stake in Wuhan Dragonbio Surgical Implants, a China-based orthopedic and spine device company.
Here are five things to know:
1. Mindray Medical previously owned partial stake in the company and now holds 100 percent of Dragonbio.
2. Mindray Medical paid around $70.2 million for the remaining stake in cash considerations.
3. The acquisition is still pursuant to the definitive agreement terms entered July 7.
4. The transaction is funded through Mindray’s existing cash reserves and the company expects the deal to have a non-material impact on its 2015 results.
5. Mindray first acquired stake in Dragonbio in 2012 and since then the integration has been on track, according to Co-CEO and Chief Strategic Officer Minghe Cheng.
"We are optimistic about the prospects of the orthopedic consumable market in China and have therefore decided to make Dragonbio our wholly owned subsidiary," said Mr. Cheng. "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."