China-based medical devices maker Mindray Medical International has completed the acquisition of remaining interest in Wuhan Dragonbio Surgical Implant, for around RMB435m ($70.2m).
With the completion of the deal, Mindray now owns 100% stake in Dragonbio.
In 2012, Mindray acquired a controlling interest in Wuhan Dragonbio Surgical, which is a domestic medical orthopedic products provider.
The company is specialized in providing trauma, spine, joint and other surgical products.
At the time of acquisition, Mindray Medical International co-chief executive officer and chief strategic officer Minghe Cheng said: "We are optimistic about the prospects of the orthopedic consumable market in China and have therefore decided to make Dragonbio our wholly owned subsidiary.
"The transaction is expected to help us manage and expand the business more efficiently and effectively through our strong capital position, large-scale operational experience and worldwide presence."
Based in Shenzhen of China, Mindray develops and markets medical devices. It operates in three primary business segments, comprising patient monitoring and life support, in-vitro diagnostics and medical imaging systems.
Image: Mindray Medical has acquired the remaining stake in Wuhan Dragonbio. Photo: courtesy of savit keawtavee/ FreeDigitalPhotos.net.