Sorin Group (BIT:SRN) and MicroPort Scientific (HK:0853) got the go-ahead from Chinese regulators to launch their joint venture, a cardiac rhythm management company headquartered in Shanghai.
MicroPort owns a 51% stake in the new company, with Sorin holding the remaining 49%, the company said. The new venture will combine the companies’ resources to import, sell and service Sorin’s devices and boost manufacturing and research & development efforts locally.
Sorin and MicroPort announced in January their intention to join forces, calling the deal an "important milestone" in Sorin’s strategy to build up its 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," Sorin CEO André-Michel Ballester said at the time. "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."
