Mindray Medical International has announced it will acquire a controlling stake of Wuhan Dragonbio Surgical Implant for $35.5 million, according to a news release.
Mindray Medical, through its subsidiary, Shenzhen Mindray, develops and manufactures medical devices worldwide. Dragonbio is a medical orthopedic products provider that specializes in trauma, spine, joint and other surgical products, and sells these products solely in China.
"We are excited about this transaction and are pleased to offer more products to our customers," said Minghe Cheng, Mindray's chief strategic officer, in the release. "The orthopedic consumable market has high barriers to entry, but this deal will give us instant access to this promising and sizable market. We expect to unlock the value of the acquired business through our strong capital position, large-scale operational experience and worldwide presence."
The transaction is expected to be closed in July.
Mindray Medical is headquartered in Shenzhen, China.
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