Mindray acquires NY medical firm
Mindray Medical International Ltd purchased a controlling interest in Shanghai Long Island Biotec Inc, a maker of medical testing kits, to expand the company’s product offerings and increase revenue.
The Shenzhen-based medical devices maker — considered a bellwether for the medical technology industry in China — said the acquisition took the form of an “equity transfer” but disclosed no other financial details. The companies had announced early last month that an agreement on a stake purchase was reached.
The Shanghai Long Island deal comes as medical-equipment purchasing by hospitals in China slows amid a general cooling of the nation’s economy. Shanghai Long Island’s research and development center is based in New York while its products are made in Shanghai. (Photo 2)
China’s Peng Cheng soars and Zhang Hao waits to catch her during the figure skating team pairs’ short program at the Sochi 2014 Winter Olympics on Thursday.