Biosensors Gains Control Of Chinese Firm
This article was originally published in PharmAsia News
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Singapore-listed Biosensors has obtained another 30 percent of Shandong Jiwei Medical Product Ltd (SJMP) shares from Shandong Weigao Group Medical Polymer Co.,Ltd. in a share swap, to become SJMP's controlling shareholder with 80 percent ownership. This acquisition will help Biosensors' CE-certified Biomatrix stent to penetrate China's drug-eluting stent market, which SJMP has 25 percent share. For Shandong Weigao, the 10.2 percent of Biosensors share and technical expertise it acquires in the swap will open doors to the European market. Foreign investors have been using this strategy to break into China's medical device market. Last year, Medtronic Inc, the world's biggest drug-eluting stent MNC, invested $221 million to get 15 percent of Shandong Weigao's equity. (Click here for more - Chinese Language) "Biosensors Gains Control Of Shandong Weigao Group Medical Polymer " 21st Century Business Herald (Guangzhou) (01/24/08) |