Mindray Medical (NYSE:MR) said today it is acquiring the remaining stake in Wuhan Dragonbio for an estimated $72.6 million.
Shenzhen, China-based Mindray manufactures and markets patient monitoring and life support devices, in-vitro diagnostics and medical imaging systems, the company 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 orthopedic 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,” Mindray co-CEO Minghe Cheng said in a press release.
In 2012, Mindray completed a $35.5 million acquisition of Dragonbio’s surgical implant orthopedics business and expanded its Chinese presence.
Last month, Mindray management offered to pay $3.5 billion to take the company private by buying the stake in the Chinese medical device company they don’t already own. The company said it formed a committee of 3 independent directors to consider the offer.
