The deal calls for Shanghai-based MicroPort to import and distribute Sorin’s CRM devices in the People’s Republic, with the Chinese company owning a majority stake of 51%.
The agreement is set to being during the 1st half of 2014, according to a press release.
“This is an important milestone in our strategy to build a local presence in China. Access to CRM therapies in China is expected to expand rapidly and the market should grow at double digit rates in the foreseeable future. Expanding our footprint in China in CRM is key to our long-term growth strategy. MicroPort, whose strong reputation, broad distribution network and talented management team is recognized by its customers, is the ideal CRM partner for Sorin in China,” Sorin CEO André-Michel Ballester said in prepared remarks.