China-based Mindray Medical International has completed the acquisition of US-based ultrasound technology provider Zonare Medical Systems.
Mindray entered into a definitive agreement on 12 June 2013 to acquire the US firm for $101.7m in an all-cash deal.
The Chinese firm expects that the merged entity will be able to leverage Zonare’s innovative R&D capability, direct sales and service network in the high-end ultrasound market along with its own engineering, distribution channels and production platforms.
Mindray’s co-chief executive officer Minghe Cheng noted that the completion of this acquisition would further Mindray’s goal of becoming a leading provider of high-quality imaging products worldwide.
"This transaction brings us superior technology that will ultimately accelerate the launch of our next-generation high-end ultrasound product. It also gives us immediate access to the high-end ultrasound market in the countries like U.S., Canada, Scandinavia and Germany.
"We are optimistic about the transaction and believe we will be better positioned to serve the healthcare market on a worldwide basis for the long run," Cheng added.
A developer of medical devices, Mindray has its global headquarters in Shenzhen, China, while its US headquarters is in Mahwah, New Jersey.
Mindray supplies a wide range of products across three primary business segments – patient monitoring and life support, in-vitro diagnostic, and medical imaging systems.