Mindray Medical (NYSE:MR) said today it completed the acquisition of the remaining stakes in Wuhan Dragonbio for a price of approximately $70.2 million.
Shenzhen, China-based Mindray manufactures and markets patient monitoring and life support devices, in-vitro diagnostics and medical imaging systems, the company said.
Mindray now holds 100% of the shares of Dragonbio, producer of orthopedic products that specialize in trauma, spine and joints, the company said.
The company announced it would be buying the remaining stakes earlier this month, saying they were “optimistic about the prospects of the orthopedic consumable market in China and have therefore decided to make Dragonbio our wholly owned subsidiary.”
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.