Valorem Surgical, a US manufacturer of cranial, interventional, and spinal fusion instrumentation announced that the company has entered into an agreement to acquire an equity interest in NHS Bio, a South Korean contract OEM manufacturer, and the launch of a new joint venture company to handle the sales, marketing and distribution initiatives for Asia Pacific, Valorem Surgical AP.
Under terms of the joint venture agreement, the new company, Valorem Surgical AP (Asia Pacific), will be formed to operate NHS Bio’s branded spine businesses in South Korea, Japan, India, China, Southeast Asia, and other East Asian markets.
The new venture will build on Valorem Surgical’s sales and marketing expertise, along with NHS Bio’s innovative spinal MIS technologies, and both companies’ quality products in the region and beyond.
"We are excited to have Valorem Surgical as our partner and are proud to welcome them to Asia. We’ve taken our time to find a great partner that understands Asia and matches our drive, passion and aspiration," said Mr. KJ Jeon, CEO, NHS Bio Co., Ltd.
Mr. Joseph Jin, president and CEO, Valorem Surgical LLC, said, "By partnering with NHS Bio, Valorem Surgical is taking an important step in developing our global position with an initial focus on the emerging markets within Asia Pacific." Mr. Jin added.
Valorem Surgical and NHS Bio have maintained a relationship under an OEM agreement for instrumentation sets since 2012.
Under the terms of the agreement, Valorem Surgical will acquire an equity position in NHS Bio for an undisclosed cash amount, and its spinal portfolio. The details surrounding the creation of the joint venture company for Asia Pacific were not yet released at press time.
The transaction, which is expected to close in Q1, 2015, is subject to approval by NHS Bio stockholders, regulatory approvals, and other customary closing conditions. There are no financing conditions associated with the proposed agreement.
NHS Bio, newly incorporated in April, 2014, is a South Korean-based manufacturer of orthopedic spinal instrumentation that was, until recently, part of the medical device division of Winnova affiliated with Wooridul Spine Hospital.