Min­dray ac­quires NY med­i­cal firm

China Daily (Canada) - - NEWSCAPSULE -

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)

BRIAN SNY­DER / REUTERS

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.

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