Shandong Weigao Group Medical Polymer Co (1066.HK) said it will sell its 50% stake in a drug-eluting stent producer to Singapore-based Biosensors International Group (BIOS.SI) for $625.4 million, in return for a 21.6% stake in the Singapore company.
Biosensors would settle the deal with S$160 million in cash, a $317.6 million issue of 260 million Biosensors shares, and US$120.043 million ($148.434 million) in convertible notes, the Hong Kong-listed medical device producer said in a filing to the bourse on Sunday.
Upon exercise of the notes and completion of the share issue, Shandong Weigao would hold 21.6% of the issued share capital of Biosensors, it added.
Biosensors develops, manufactures and markets medical devices used in interventional cardiology and critical care procedures.
“Biosensors is well-positioned to emerge as a leader in drug-eluting stents and has developed a pipeline of next-generation products that are set to gain market share from traditional therapies such as conventional drug-eluting stents, bare-metal stents and open-heart surgery,” Shandong Weigao said in the statement.
Shandong Weigao has a nationwide sales network and an extensive customer base of more than 5,055 healthcare organisations in China, including more than 2,934 hospitals and 413 blood stations.
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