Under the terms of the deal, the two companies will also establish a joint venture that will be focused on the development of non-cardiac applications.

Biosensors expects the deal to have least impact on its financial results for fiscal 2014, with the potential to be moderately accretive to its earnings in the following financial year.

Spectrum Dynamics co-founder and chairman Shlomo Ben-Haim said, "The capacity to uncover and diagnose reversible ischemia prior to catheterization with precision has turned into an essential issue in the treatment of cardiovascular disease."

Biosensors CEO Jack Wang said that with substantially all assets of Spectrum Dynamics under the ownership and management of Biosensors, the company is well-positioned to further increase its presence in the global cardiovascular interventional field with this cardiovascular diagnostic technology.

"Together, we will continue to expand Biosensors’ product offering and build the company into a world class medical device enterprise," Wang added.