SHENZHEN, China, Dec. 20, 2011 /PRNewswire-Asia-FirstCall/ --
Mindray Medical International Limited (NYSE:MR), a leading
developer, manufacturer and marketer of medical devices worldwide,
announced today an agreement to acquire a controlling stake of
Hunan Changsha Tiandiren Biotech Co., Ltd. ("TDR"). The terms of
the agreement were not disclosed as the transaction is non-material
to Mindray's financial statements.
Founded in 1997 and based in Hunan,
China, TDR is a domestic manufacturer of microbiology
analysis solutions that specialize in microbial identification and
antibiotic susceptibility testing (ID/AST) and the blood culture
system. Clinical laboratories use the ID/AST system to identify
microbes and perform antibiotic susceptibility testing, while they
use the blood culture system to recover pathological organisms. The
rapid reporting of ID/AST test results and a continuous-monitoring
blood culture system can result in better antibiotic management.
Last year, the market for ID/AST and blood culture system was
estimated at approximately $139
million in China. It is
expected to grow 15-20% annually. Internationally, the market was
estimated at $2.25 billion in 2010
and is expected to grow 5% annually.
Through this transaction, Mindray will be able to combine its
strong platforms in sales, manufacturing, R&D, quality
assurance and other resources with TDR's technology and expertise
in the microbiology analysis business. TDR's strength in reagents
is expected to complement Mindray's strength in analyzers.
"This transaction continues to show our commitment to expand the
IVD product portfolio," said Mr. Minghe
Cheng, Mindray's Chief Strategic Officer. "TDR's products
will be a great addition to our existing IVD product line.
Microbiology analysis is an important segment within IVD. It is an
emerging yet promising category in China, based on favorable domestic policies to
develop the overall industry as well as the government's specific
focus on preventing antibiotic overuse."
Cautionary Note Regarding Forward Looking Statements
This press release contains "forward-looking statements" within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Statements that are not historical
facts, including without limitation, the projections of the annual
growth rate of the microbial diagnostic market in China and internationally, any expected
benefits of this transaction to either of Mindray or TDR, expected
complements of TDR's business lines to Mindray's businesses,
expansion of Mindray's product portfolio in microbiology analysis
and expectations regarding governmental policies or development in
China of the microbiology analysis
market, are forward-looking statements. Readers are cautioned that
these forward-looking statements are only predictions and may
differ materially from actual results due to a variety of factors.
The financial information contained in this release should be read
in conjunction with the consolidated financial statements and notes
thereto included in our public filings with the Securities and
Exchange Commission. For a discussion of other important factors
that could adversely affect our business, financial condition,
results of operations and prospects, see "Risk Factors" beginning
on page 4 of our annual report on Form 20-F. Any projections in
this release are based on limited information currently available
to us, which is subject to change. Although such projections and
the factors influencing them will likely change, we will not
necessarily update the information. Such information speaks only as
of the date of this release.
About Mindray
We are a leading developer, manufacturer and marketer of medical
devices worldwide. We maintain our global headquarters in
Shenzhen, China, U.S. headquarters
in Mahwah, New Jersey and multiple
sales offices in major international markets. From our main
manufacturing and engineering base in China, we supply through our worldwide
distribution network a broad range of products across three primary
business segments, namely patient monitoring and life support,
in-vitro diagnostic, and medical imaging systems. For more
information, please visit http://ir.mindray.com.
For investor and media inquiries, please contact:
In the U.S.:
Hoki Luk
Western Bridge, LLC
Tel: +1-646-808-9150
Email: hoki.luk@westernbridgegroup.com
In China:
Cathy Gao
Mindray Medical International Limited
Tel: +86-755-8188-8023
Email: cathy.gao@mindray.com
SOURCE Mindray Medical International Limited